Gilead To Buy Pharmasset For $11B

Biopharmaceutical company Gilead Sciences will be acquiring clinical-stage pharmaceutical company Pharmasset. The deal, expected to be closed in the first quarter of 2012, values Pharmasset at approximately $11 billion.

Gilead plans to finance the deal with cash on hand, bank debt and senior unsecured notes. Pharmasset's compounds complement Gilead's hepatitis C virus (HCV) portfolio, and the deal will offer support to Gilead's efforts at developing an all-oral regimen for HCV treatment.

Click here for the release from Gilead Sciences.