VRUS
My god, what idiot negotiated this deal...what a sweet bargain for Horizon.
>For each $10 million loan, Pharmasset will pay interest only for the first 15 months followed by 30 equal monthly installments of principal and accrued interest. The interest rate for the initial loan will be 12%. In addition, Pharmasset issued to Horizon a seven-year warrant to purchase up to 149,377 shares of common stock at an exercise price of $12.05 per share, a volume- weighted average of recent closing prices. The warrant is immediately exercisable for 66,390 shares, and the remaining 82,987 shares become exercisable in varying increments upon the achievement of certain milestones related to Pharmasset's product development and future advances under the loan agreement.<
