Pharmasset soars on $11B offer, but Gilead investors disturbed
This article was originally published in Scrip
Gilead Sciences’ investors seemed puzzled over the pricey offer of $137 per share, or about $11 billion, the biotech giant laid down for Pharmasset on 21 November, with investors reacting with immediate disdain, driving shares of Gilead down as low as 14%, or $5.53, in morning trading.
You may also be interested in...
Private Company Edition: Investments by CIRM, the GHIT fund and the European Investment Bank back early-stage science and treatments for neglected diseases. Also, Versant Ventures raises $700m in two funds. In VC deals, Akero raised $70m, Impel NeuroPharma brought in $67.5m.
Norbert Bischofberger has been with Gilead almost since its beginning and helped the company establish dominance in HIV and hepatitis C, but leaves as it's starting to build franchises in oncology and inflammation. Gilead veterans John McHutchinson and Andrew Cheng are elevated in his place.
It is thought that more than 94% of HIV-infected individuals in the US on combination therapy take at least one of the drugs Raymond F Schinazi has invented. Most latterly associated with hepatitis C cure sofosbuvir, Schinazi tell Jo Shorthouse why he has no intentions of stopping any time soon.