PRINCETON, N.J., Jan. 21, 2011 /PRNewswire/ — Pharmasset, Inc.
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: