Pharmasset
Pharmasset Inc. was a pharmaceutical company based in Princeton, New Jersey in the United States. The company develops antiviral drugs for HIV, hepatitis B, and hepatitis C. In November 2011, Pharmasset was acquired by Gilead for $11.2 billion.
History
Pharmasset was founded in 1998 by Raymond Schinazi and Dennis Liotta, scientists at Emory University. The company was initially incorporated in Barbados and separately in Georgia. However, the company was redomiciled as a Delaware corporation on June 8, 2004.Pharmasset's initial public offering took place on April 27, 2007, when it was first listed on NASDAQ. The firm's stock return in the first three fiscal quarters of 2011 was 278 percent. Among analysts, 17 rated the company's stock as "strong buy" or "buy," while two rated it a "hold." Pharmasset was the best performer in this period among all major U.S. exchanges among stocks trading for at least $1.50 on January 1, 2011.
Market
The company described itself as being a clinical-stage pharmaceutical company and stated that its primary focus is "the development of oral therapeutics for the treatment of hepatitis C virus." The company's secondary focus was the development of Racivir, an investigational antiretroviral drug for the treatment of HIV. The company's research and development concentrated on nucleoside analogs.Pharmasset's PSI-7977 medication was further developed by Gilead and approved in December 2013 by the FDA as sofosbuvir for the treatment of chronic hepatitis C.
Among Pharmasset's competitors were Abbott Laboratories, Merck & Co., and Vertex Pharmaceuticals.