Pharmasset

In 1998, two Emory University scientists, Raymond Schinazi and Dennis Liotta, founded Pharmasset with a clear mission: to discover and develop novel drugs for viral infections. They were later joined by Michael J. Sofia, who would be instrumental in their biggest breakthrough. The company's primary focus became one of the largest unmet medical needs of the time: creating an effective, all-oral treatment for Hepatitis C. Their work centered on a class of compounds called nucleoside analogs, which inhibit viral replication. For years, the company operated as a clinical-stage pharmaceutical firm, methodically advancing its research. In April 2007, Pharmasset went public via an IPO, listing on NASDAQ. This provided the capital to push its promising drug candidates through clinical trials. The company’s crown jewel was a compound known as PSI-7977. Its potential was so significant that it attracted the attention of a major biopharmaceutical player, Gilead Sciences. In November 2011, the story reached its climax. Gilead Sciences announced it would acquire Pharmasset in a stunning $11.2 billion cash deal. The acquisition price of $137 per share represented an 89% premium on Pharmasset's stock price, a massive bet on the future of its Hepatitis C pipeline. The drug at the heart of the deal, PSI-7977, would later be approved as Sovaldi, a revolutionary cure for Hepatitis C.