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Gilead Increased Bid 37% as Rivals Demurred on Pharmasset

Gilead Sciences Inc. increased an offer to buy experimental hepatitis C drugmaker Pharmasset Inc several times before agreeing to pay $10.8 billion, as other potential buyers bowed out before making a bid, filings show.

Gilead, the world’s largest maker of HIV medicines, first offered to purchase Princeton, New Jersey-based Pharmasset for $100 a share on Sept. 2, a 56 percent premium, Pharmasset disclosed today in a filing with the Securities and Exchange Commission. That offer was deemed insufficient by Pharmasset, a company with 82 employees, no marketed products and a net loss of $91.2 million for the fiscal year ended Sept. 30.