Gilead Sciences to Acquire Pharmasset, Inc. for $11 Billion- Accelerates Development of All-Oral Regimen for the Treatment of HCVFOSTER CITY, Calif. & PRINCETON, N.J., Nov 21, 2011 (BUSINESS WIRE) -- --- Leverages Gilead's Infrastructure and Expertise in Antiviral Drug Development, Manufacturing and Commercialization -. In News by AHFNovember 22, 2011. Gilead, the US pharmaceutical company, has agreed to buy Pharmasset in an $11bn cash deal designed to diversify away from HIV drugs and give it a lead in the fast-growing market for hepatitis C . Some content on this site is not intended for people outside the United States. Free copies of these materials and certain other offering documents will be made available by Gilead by mail to Gilead Sciences, Inc., 333 Lakeside Drive, Foster City, CA 94404, attention: Investor Relations. The drugs being developed at Pharmasset helped Gilead substantially increase its sales in 2014 and the company now has a market value of nearly $100 billion. A third Phase 3 study in genotype 1 patients will be initiated in the second half of 2012, the design of which is dependent on the outcome of Phase 2 studies which are evaluating PSI-7977 in various combinations in genotype 1-infected patients. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other offer documents, as well as the Solicitation/Recommendation Statement, Gilead and Pharmasset file annual, quarterly and special reports, proxy statements and other information with the Securities and Exchange Commission. As thousands of Americans linger on AIDS drug waiting lists for access to lifesaving AIDS medications, Gilead announces $10.4 billion all-cash purchase of rival company, Pharmasset. On January 12, 2012, Gilead The deal is similar to Gilead's purchase of Pharmasset in 2012 . Pacific. All statements Much speculation has swirled around what Gilead Sciences is going to do with its $14.7 billion in cash. 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. Both studies will utilize 12 weeks of treatment with PSI-7977 in combination with ribavirin. withholding taxes and without interest). All forward-looking statements statements include: the effects of the transaction on relationships with Telephone replay is available approximately one hour after the call through 11:00 a.m. Eastern Time, November 24, 2011. expiration time of the tender offer and would promptly pay for such are based on information currently available to Gilead, and Gilead This was an enormous threat on the time as Pharmasset had no marketed merchandise. acted as Gilead’s legal advisors. Relative to alternatives such as investing money in short term debt instruments or doing […] The information provided on the teleconference is only accurate at the time of the conference call, and Gilead will take no responsibility for providing updated information. FOSTER CITY, Calif. & PRINCETON, N.J., Nov 21, 2011 (BUSINESS WIRE) --. deemed forward-looking statements, including all statements regarding Barclays Capital and Bank of America Merrill Lynch are acting as financial advisors to Gilead in the transaction. Gilead Sciences stock was soaring after 4 th quarter results showed the company share prices rising almost 15% in the past year. Found inside â Page 414Andrew Pollack, âGilead to Buy Pharmasset for $11 Billion,â New York Times, november 21, 2011; Kimberly ha, claudia montato, Yana morris, and Ashley Armstrong, âGilead's 'Big Bet' on Pharmasset hinges on Future results,â Financial Times ... Gilead Sciences Statement on Recent Events in Washington, D.C. Gilead Announces New Arm of HIV Women’s Prevention Study to Evaluate the Investigational Long-Acting HIV-1 Capsid Inhibitor Lenacapavir in Addition to Descovy for PrEP®, Gilead Sciences Statement on The World Health Organization’s Updated Veklury® (Remdesivir) COVID-19 Treatment Guidelines. Gilead to buy cancer drug developer Immunomedics for $21 billion. The first section of this report reviews what countries might be considered tax havens, including a discussion of the Organization for Economic Development and Cooperation (OECD) initiatives and lists. Following successful completion of the tender offer, Gilead will acquire all remaining shares not tendered in the offer through a second step merger at the same price as in the tender offer. subsidiaries, (ii) shares owned by Pharmasset or its subsidiary and outstanding). Found inside â Page 43The Pharmasset acquisition changed the relative value of other hepatitis C drug developers as well. On the cusp of Gilead's purchase, its competitor Bristol-Myers Squibb purchased Inhibitex for $2.5 billion, a 163 percent premium over ... combination and similar transactions, prospective performance and The second is in Hepatitis C where Gilead's drugs Sovaldi and Harvoni have over 90% market share. Every day the Zacks. 3. Headquartered in Foster City, California, Gilead has operations in North America, Europe and Asia Pacific. California, Gilead has operations in North America, Europe and Asia Gilead Sciences buys Pharmasset and hepatitis C drug PSI-7977. Gilead’s mission is to advance the care of patients suffering from "We are very encouraged by the data from our Phase 2 studies of PSI-7977 and believe strongly in the potential of this compound to be a component in the transformation of the treatment of chronic HCV. The value of the transaction is equal to $137 per share in cash and will be financed on hand, by bank debt and by senior unsecured notes. outstanding shares of common stock of Pharmasset and had accepted for of Guaranteed Delivery, representing approximately 7% of the shares assigned to Merger Sub II on January 12, 2012. appraisal for their shares under Delaware law, were canceled and Found inside â Page 334At roughly the same time that Gilead purchased Pharmasset for its hep C formulation, Bristol-Myers paid $2.5 billion ... It was a fantastic time to buy, as others panicked, and the charitable trust scooped some up and was able to make a ... Found inside â Page 133... Gilead did not invent these drugs: it had acquired both hepatitis C drugs in 2012 with the $11billion acquisition of Pharmasset Inc.56 Gilead's salesrose nearly 3.5 times to $32.2 billion in 2015 and stock prices have jumped more ... In the biotech world, Gilead Sciences (NASDAQ:GILD) announced that it had confirmed a whopping $21 billion acquisition of Immunomedics, a cancer drug developer with a very promising portfolio of candidates. To access, please call 1-888-286-8010 (U.S.) or 1-617-801-6888 (international). Found insideTable 6.5 Gilead Sciences, operating data, dividends, and buybacks, 2006â15 Once Gilead moved into sustained ... about six months after its $11.2 billion acquisition of Pharmasset, which had substantially developed sofosbuvir (Sovaldi). This two-volume work combines comprehensive information on the chemistry of the fluorinated heterocycles. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. However Gilead was in a position to roll out merchandise rapidly and dominate the Hepatis C remedy marketplace for years to return. Sharing biological resources-critical for new medicines and vaccines-has declined as countries and scientists dispute rights over research. All outstanding Sub II"), to acquire Pharmasset, Inc. (Nasdaq: VRUS) for $137 per share in cash, or approximately $11.2 billion in the aggregate. Found inside â Page 219In November , for example, Gilead Sciences paid an percent premium to acquire Pharmasset. At first glance, this premium seems excessive. However, since the acquisition was completed, Gilead's stock price has soared. Gilead Sciences Inc. (NASDAQ: GILD) is trading lower on news that it is spending some $11 billion to buy Pharmasset, Inc. (NASDAQ: VRUS). What is interesting is that Pharmasset was valued only at . The $137 per share price in the transaction represents an 89% premium to Pharmasset's closing share price on Friday, November 18, 2011, the last trading day prior to announcement, and 59% to Pharmasset's all time high closing stock price. nucleoside/tide analogs, a class of compounds which act as alternative Morgan Stanley & Co. LLC acted as financial advisors to Pharmasset. Gilead Sciences, Inc. (Nasdaq: GILD) today announced the completion of the previously announced transaction for Royal Merger Sub II Inc., a wholly-owned subsidiary of Gilead ("Merger Sub II"), to acquire Pharmasset, Inc. (Nasdaq: VRUS) for $137 per share in cash, or approximately $11.2 billion in the aggregate. Under the terms of the merger agreement, a wholly-owned subsidiary of Gilead will promptly commence a tender offer to acquire all of the outstanding shares of Pharmasset's common stock at a price of $137 per share in cash. Trade 7 days a week, 24 hours a day! FOSTER CITY, Calif., and PRINCETON, N.J. — Gilead Sciences Inc. plans to buy Pharmasset Inc. in a cash deal valued at about $11 billion. wholly-owned subsidiary of Gilead (“Merger Sub II”), to acquire All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of the companies' and members of their senior management team. uncertainties. Comparisons are odious, and among the many things that can be said about Kite Pharma, bought by Gilead for $11.9bn yesterday, one thing is certain: it's no Pharmasset. Gilead Sciences, the world's largest HIV drug manufacturer, has announced that it will acquire Pharmasset for $11bn. 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Shultz, PhD. Found inside â Page 37Its most daring deal came in 2011 when it spent $ 10bn to buy Pharmasset , a biotech firm which was developing an oral ... The price which Gilead charged for Sovaldiâ $ 94,500 for a twelve - week course of treatment - prompted protests ... Gilead Sciences, Inc.Susan Hubbard, 650-522-5715 (Investors)Amy Furthermore, Gilead's . Found inside â Page 243Some people won't buy insurance because it costs too much. Just how much it cost to develop Harvoni is unclear. Gilead Sciences, the company which sells Harvoni, spent $11 billion in 2011 to acquire Pharmasset, the pharmaceutical ... Forward-Looking Statements. 2. To access, please call 1-888-286-8010 (U.S.) or 1-617-801-6888 (international). Emory . Smith, 609-865-0693 (Investors) or Sard Verbinnen & Co Andrew Cole/Chris Kittredge, 212-687-8080 (Media), © 2021 Questex LLC. Forward-looking © 1996-2021 Gilead Sciences, Inc. All rights reserved. Gilead Sciences Completes Acquisition of Pharmasset, Inc. FOSTER CITY, Calif.--(BUSINESS WIRE)--Jan. 17, 2012-- Gilead Sciences, Inc. (Nasdaq: GILD) today announced the completion of the previously announced transaction for Royal Merger Sub II Inc., a wholly-owned subsidiary of Gilead ("Merger Sub II"), to acquire Pharmasset, Inc. (Nasdaq: VRUS) for $137 per share in cash . Shares in Gilead Sciences have fallen 14% following disappointing mid-stage data on an oral hepatitis C drug it acquired through its $11 billion buy of Pharmasset. There were a handful of interesting developments to note over the weekend. Gilead Sciences made a bold move on Monday to capture the lead in developing the next generation of hepatitis C drugs, agreeing to pay $11 billion in cash for Pharmasset. Gilead Sciences Inc. GILD, -3.65% agreed to acquire Pharmasset Inc. VRUS, -5.70% for nearly $11 billion, placing a big bet on the growing market for new treatments for hepatitis C infections. Gilead Sciences Inc., the world's largest maker of HIV medicines, agreed to buy Pharmasset Inc. for about $11 billion, betting that its experimental hepatitis C treatments will lead the next . "The acquisition of Pharmasset represents an important and exciting opportunity to accelerate Gilead's effort to change the treatment paradigm for HCV-infected patients by developing all-oral regimens for the treatment of the disease regardless of viral genotype," said John C. Martin, PhD, Chairman and Chief Executive Officer of Gilead. Found inside... concrete evidence in emails, meeting minutes or presentations that basic financial matters such as R&D costs or the multi-billion dollar acquisition of Pharmasset, the drug's first developer, factored into how Gilead set the price. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Gilead buys US pharma rival Pharmasset US biotech firm Gilead Sciences announced plans Monday to acquire rival Pharmasset, a group specializing in treatments for AIDS and hepatitis, for $11 billion. HIV drugmaker Gilead Sciences Inc. will spend about $11 billion to buy Pharmasset Inc. in what one analyst termed an "amazing risk," a high stakes gamble that could yield billions of dollars in . Gilead GILD buys Pharmasset in 2011 for $11 billion. exclude terms. Found inside... June 28, 2018, www.newrepublic.com/article/149438/big-pharma-captured-one-percent Ibid. Ibid. Andrew Pollack and Michael. J. de la Merced, âGilead to Buy Pharmasset for $11 Billion,â The New York Times, November 21, 2011, ... This book examines the construction of an innovation system in Brazilâs health industries over the past twenty years. The authors argue that the system has remained active despite the crisis that began in 2014. The deal for Kite, of Santa Monica, Calif., would be one of Gilead's biggest, on a par with the company's $11 billion purchase of liver-disease drugmaker Pharmasset in 2012.
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