PRINCETON, N.J., Jan. 21, 2011 /PRNewswire/ -- Pharmasset, Inc. (Nasdaq: VRUS) announced today the pricing of an underwritten public offering of 3,300,000 shares of its common stock at an offering price of $46.33 per share. Of the shares being sold, Pharmasset is selling 2,300,000 shares and the selling stockholders are selling 1,000,000 shares. Pharmasset expects to receive net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $101.5 million. Pharmasset will not receive any proceeds from the sale of shares by the selling stockholders. In addition, Pharmasset has granted the underwriters a 30-day option to purchase up to an additional 495,000 shares of common stock. The offering is expected to close on January 26, 2011, subject to customary closing conditions. 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.
The shares described above are being offered pursuant to an automatic shelf registration statement filed by Pharmasset with the Securities and Exchange Commission on January 18, 2011, which became effective upon filing.
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 11220, Attention: Prospectus D
|SOURCE Pharmasset, Inc.|
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