Gilead Moves to Top Rivals With $11 Billion Pharmasset Deal

Gilead Sciences Inc. paid about $11 billion for experimental hepatitis C drugmaker Pharmasset Inc. to win a “competitive” acquisition process and replace an unsuccessful therapy under development, said Chief Operating Officer John Milligan.

Gilead, the world’s largest maker of HIV medicines, has been in talks with Princeton, New Jersey-based Pharmasset about a potential partnership for two years, said Milligan, who is also company president.