Gilead to buy Pharmasset Located in Princeton Forrestal Center, Princeton, NJ

(Reuters) – Gilead Sciences Inc struck a deal to buy Pharmasset Inc for about $11 billion in a huge bet on hepatitis C treatments to diversify its portfolio.

Gilead, the world’s largest maker of HIV drugs, will pay $137 per share for each Pharmasset share, a whopping 89 percent premium to Pharmasset’s Friday closing price.

Pharmasset has been one of the hottest biotech companies, based on the promise of its experimental hepatitis C medicines.

Its shares have soared in the past year on the potential for its oral drugs to create a regimen without interferons, which cause flu-like side effects that lead many patients with the serious liver disease to stop or delay treatment.

Pharmasset has three hepatitis C medicines in clinical trials. Its lead candidate, PSI-7977, recently been advanced into two Phase III studies.

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Pharmasset is located in Princeton Forrestal Center – a large corporate office and research complex located near the Princeton University Campus.

For the Global Business Park profile of Princeton Forrestal Center Click Here.

GBP’s Take:  One reason to monitor the tenants within a business park or science park is to be aware of high fliers such as Pharmasset.  How would you like to have had that one in your portfolio?

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