Second Hepatitis Deal

The deal was the second in two months involving a developer of hepatitis C drugs. On Nov. 21, Gilead Sciences Inc. announced it was purchasing Pharmasset Inc. for $10.8 billion. Canada Goose Chilliwack Bomber Pharmasset and Inhibitex are developing similar oral drugs for the virus, which is carried by as many as 170 million people globally.Bristol executives had been aware of Pharmasset’s efforts last year to find a buyer, and they ended up not bidding for the company because they were more interested in acquiring Inhibitex, said a person with knowledge of the matter who requested anonymity because the discussions were private.Inhibitex’s INX-189 is in the second stage of testing normally needed for U.S. regulatory approval. Pharmasset’s PSI- 7977 is in the third and final phase, and could draw $3 billion to $5 billion in revenue for Foster City, California-based Gilead, Michael Yee, an analyst with RBC Capital Markets in San Francisco, estimated in November.