Pharmasset to sell $25.9M of stock

New Jersey, USA-based Pharmasset has entered into definitive agreements dated July 14 with a select group of institutional investors to sell 1,450,000 shares of its common stock in a "registered direct" offering. The investors have agreed to buy the shares at a purchase price of $17.85 each resulting in gross proceeds of around $25.9 million to Pharmasset, before deducting placement agent fees and estimated offering expenses. Morgan Stanley, Canaccord Adams, Cowen and Co and Leerink Swann served as placement agents for the offering and Morgan Stanley acted as lead manager.

The transaction is expected to close on or around July 21, subject to customary closing conditions. Pharmasset intends to use the net proceeds for general corporate purposes, which include, but are not limited to, the acquisition of assets or businesses that are complementary to its existing business, the funding of clinical trials and the funding of in-licensing agreements for product candidates, additional technologies or other forms of intellectual property.