Gilead to buy hepatitis C drug developer Pharmasset for $11 billion

Gilead Sciences Inc. will buy hepatitis C drug developer Pharmasset Inc. in a cash deal valued at about $11 billion that Gilead officials said is a “strong strategic fit.”
The $137-per-share offer from Foster City-based Gilead (NASDAQ: GILD) represents an 89 percent premium from Pharmasset’s (NASDAQ: VRUS) closing price on Friday. The deal, approved by Pharmasset’s board, is expected to close in the first quarter.