Pharmaceutical Business review

Gilead to acquire Pharmasset for $11bn

The transaction, when completed, is expected to be dilutive to Gilead’s earnings through 2014 and accretive in 2015 and beyond.

At present, Pharmasset’s three clinical-stage product candidates to treat hepatitis C virus (HCV) are advancing in trials.

PSI-7977, the company’s lead product candidate has entered two Phase 3 studies in genotype 2 and 3 patients.

Gilead’s research and development portfolio comprises seven unique molecules in various stages of clinical development for the treatment of HCV.

Gilead chairman and CEO John C Martin said the agreement would boost the company’s effort to treat HCV-infected patients.

"This transaction will serve to drive the long-term growth of our business, and we look forward to working closely with the Pharmasset team to advance a broad clinical program in HCV to address the unmet needs of patients and the medical community," Martin added.

The transaction is expected to close in the first quarter of 2012.