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Pharmasset Announces Exercise of Underwriters' Overallotment Option
Date:1/24/2011

PRINCETON, N.J., Jan. 24, 2011 /PRNewswire/ -- Pharmasset, Inc. (Nasdaq: VRUS) announced today the underwriters of its recent underwritten public offering have exercised their option to purchase from Pharmasset an additional 495,000 shares of common stock. The net proceeds to Pharmasset after deducting the underwriting discount, from the sale of these additional shares are expected to be approximately $21.9 million. This brings the total expected net proceeds of the offering to Pharmasset, after deducting the underwriting discount and estimated offering expenses, to $123.4 million.  Citi is serving as sole book-running manager for the offering. Morgan Stanley & Co. Incorporated is serving as the co-lead manager, and BofA Merrill Lynch, Leerink Swann LLC and Wedbush PacGrow Life Sciences are serving as co-managers.

Pharmasset granted the option in connection with its previously announced underwritten public offering of 3,300,000 shares of common stock at an offering price of $46.33 per share, of which 1,000,000 shares were offered by the selling stockholders named in the prospectus supplement.  Pharmasset will not receive any proceeds from the sale of shares by the selling stockholders in the offering.  The offering is expected to close on January 26, 2011, subject to customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Citi at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY
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