Pharmasset
Encyclopedia
Pharmasset Inc. is a pharmaceutical company based in Princeton, New Jersey
in the United States. The company develops antiviral drug
s for HIV
(including racivir
), hepatitis B (including clevudine
, marketed as Levovir), and hepatitis C
. In November 2011, Pharmasset was acquired by Gilead
for $11 billion.
, which has multiple license agreements with Pharmasset. The company was initially incorporated
in Barbados
(as Pharmasset, Ltd.) and separately in Georgia
. However, the company was redomiciled as a Delaware corporation on June 8, 2004.
Pharmasset's initial public offering
took place on April 27, 2007, when it was first listed on NASDAQ
. The firm's stock
return
in the first three fiscal quarters (nine months) of 2011 was 278 percent. Among analysts
, 17 rated the company's stock as "strong buy" or "buy," while two rated it a "hold." Pharmasset was the best performer in this period among all major U.S. exchanges
among stocks trading for at least $1.50
on January 1, 2011.
pharmaceutical company and states that its primary focus is "the development of oral therapeutics
for the treatment of hepatitis C virus
." The company's secondary focus is the development of Racivir
, an investigational antiretroviral drug
for the treatment of HIV. The company's research and development
concentrates on nucleoside analogs.
Pharmasset's PSI-7977
medication is a promising experimental drug for the treatment of hepatitis C. PSI-7977 has been a "closely watched drug candidate in the white-hot HepC market."
Among Pharmasset's competitors are Abbott Laboratories
, Merck & Co.
, and Vertex Pharmaceuticals
.
Princeton, New Jersey
Princeton is a community located in Mercer County, New Jersey, United States. It is best known as the location of Princeton University, which has been sited in the community since 1756...
in the United States. The company develops antiviral drug
Antiviral drug
Antiviral drugs are a class of medication used specifically for treating viral infections. Like antibiotics for bacteria, specific antivirals are used for specific viruses...
s for HIV
HIV
Human immunodeficiency virus is a lentivirus that causes acquired immunodeficiency syndrome , a condition in humans in which progressive failure of the immune system allows life-threatening opportunistic infections and cancers to thrive...
(including racivir
Racivir
Racivir is an experimental nucleoside reverse transcriptase inhibitor , developed by Pharmasset for the treatment of HIV. It is the enantiomer of emtricitabine, meaning that the two compounds are mirror images of each other....
), hepatitis B (including clevudine
Clevudine
Clevudine is an antiviral drug for the treatment of hepatitis B. Clevudine is already approved for HBV in South Korea and the Philippines...
, marketed as Levovir), and hepatitis C
Hepatitis C
Hepatitis C is an infectious disease primarily affecting the liver, caused by the hepatitis C virus . The infection is often asymptomatic, but chronic infection can lead to scarring of the liver and ultimately to cirrhosis, which is generally apparent after many years...
. In November 2011, Pharmasset was acquired by Gilead
Gilead
In the Bible "Gilead" means hill of testimony or mound of witness, , a mountainous region east of the Jordan River, situated in the Hashemite Kingdom of Jordan. It is also referred to by the Aramaic name Yegar-Sahadutha, which carries the same meaning as the Hebrew . From its mountainous character...
for $11 billion.
History
Pharmasset was founded in 1998 by Dr. Raymond Schinazi and Dr. Dennis Liotta, scientists at Emory UniversityEmory University
Emory University is a private research university in metropolitan Atlanta, located in the Druid Hills section of unincorporated DeKalb County, Georgia, United States. The university was founded as Emory College in 1836 in Oxford, Georgia by a small group of Methodists and was named in honor of...
, which has multiple license agreements with Pharmasset. The company was initially incorporated
Incorporation (business)
Incorporation is the forming of a new corporation . The corporation may be a business, a non-profit organisation, sports club, or a government of a new city or town...
in Barbados
Barbados
Barbados is an island country in the Lesser Antilles. It is in length and as much as in width, amounting to . It is situated in the western area of the North Atlantic and 100 kilometres east of the Windward Islands and the Caribbean Sea; therein, it is about east of the islands of Saint...
(as Pharmasset, Ltd.) and separately in Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
. However, the company was redomiciled as a Delaware corporation on June 8, 2004.
Pharmasset's initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
took place on April 27, 2007, when it was first listed on NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
. The firm's stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
return
Return on investment
Return on investment is one way of considering profits in relation to capital invested. Return on assets , return on net assets , return on capital and return on invested capital are similar measures with variations on how “investment” is defined.Marketing not only influences net profits but also...
in the first three fiscal quarters (nine months) of 2011 was 278 percent. Among analysts
Financial analyst
A financial analyst, securities analyst, research analyst, equity analyst, or investment analyst is a person who performs financial analysis for external or internal clients as a core part of the job.-Job:...
, 17 rated the company's stock as "strong buy" or "buy," while two rated it a "hold." Pharmasset was the best performer in this period among all major U.S. exchanges
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
among stocks trading for at least $1.50
Penny stock
In the United States, penny stocks are common shares of small public companies that trade at less than $1.00. In some countries, similar shares of stock are known as cent stocks.-Concerns for investors:...
on January 1, 2011.
Market
The company describes itself as being a clinical-stageClinical trial
Clinical trials are a set of procedures in medical research and drug development that are conducted to allow safety and efficacy data to be collected for health interventions...
pharmaceutical company and states that its primary focus is "the development of oral therapeutics
Drug delivery
Drug delivery is the method or process of administering a pharmaceutical compound to achieve a therapeutic effect in humans or animals. Drug delivery technologies modify drug release profile, absorption, distribution and elimination for the benefit of improving product efficacy and safety, as well...
for the treatment of hepatitis C virus
Virus
A virus is a small infectious agent that can replicate only inside the living cells of organisms. Viruses infect all types of organisms, from animals and plants to bacteria and archaea...
." The company's secondary focus is the development of Racivir
Racivir
Racivir is an experimental nucleoside reverse transcriptase inhibitor , developed by Pharmasset for the treatment of HIV. It is the enantiomer of emtricitabine, meaning that the two compounds are mirror images of each other....
, an investigational antiretroviral drug
Antiretroviral drug
Antiretroviral drugs are medications for the treatment of infection by retroviruses, primarily HIV. When several such drugs, typically three or four, are taken in combination, the approach is known as Highly Active Antiretroviral Therapy, or HAART...
for the treatment of HIV. The company's research and development
Research and development
The phrase research and development , according to the Organization for Economic Co-operation and Development, refers to "creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of...
concentrates on nucleoside analogs.
Pharmasset's PSI-7977
PSI-7977
PSI-7977 is an experimental drug candidate for the treatment of hepatitis C. It is under development by Pharmasset and is currently in Phase II clinical trials. It is being studied as a treatment to be used in combination with ribavirin....
medication is a promising experimental drug for the treatment of hepatitis C. PSI-7977 has been a "closely watched drug candidate in the white-hot HepC market."
Among Pharmasset's competitors are Abbott Laboratories
Abbott Laboratories
Abbott Laboratories is an American-based global, diversified pharmaceuticals and health care products company. It has 90,000 employees and operates in over 130 countries. The company headquarters are in Abbott Park, North Chicago, Illinois. The company was founded by Chicago physician, Dr....
, Merck & Co.
Merck & Co.
Merck & Co., Inc. , also known as Merck Sharp & Dohme or MSD outside the United States and Canada, is one of the largest pharmaceutical companies in the world. The Merck headquarters is located in Whitehouse Station, New Jersey, an unincorporated area in Readington Township...
, and Vertex Pharmaceuticals
Vertex Pharmaceuticals
Vertex Pharmaceuticals is a biotechnology company with activities spanning the length of the pharmaceutical product pipeline, from target identification through to clinical trials and marketing. Most of its activity has been in collaboration with much larger pharmaceutical firms, though some of its...
.
External links
- Official website
- Profile on BloombergBloombergBloomberg may refer to:* Michael Bloomberg , American businessman and founder of Bloomberg L.P.; politician and Mayor of New York City...