Pharmasset Investor Challenges $11B Gilead Deal

Law360, Wilmington (November 29, 2011, 5:50 PM EST) -- A Pharmasset Inc. shareholder launched a proposed class action Tuesday challenging Gilead Sciences Inc.'s $11 billion acquisition of the drugmaker, saying the offer shortchanges shareholders despite a hefty 89 percent premium.

The Princeton, N.J.-based company is developing drugs that are on pace to be a key part of the first all-oral regimen for treating the hepatitis C virus — a potential breakthrough treatment that demands more than the $137 per share offered by Gilead, according to a complaint filed by Michael Diana in Delaware Chancery Court....
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