Pharmasset offering up to 2,450,000 shares
PRINCETON, N.J., Jan. 18, 2011 /PRNewswire/ -- Pharmasset, Inc. (Nasdaq: VRUS) announced today that it has commenced an underwritten public offering, subject to market and other conditions, of 3,000,000 shares of its common stock pursuant to an effective shelf registration statement. Of the shares being sold, Pharmasset is selling 2,000,000 shares and the selling stockholders are selling 1,000,000 shares. Pharmasset intends to grant to the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock. Citi is serving as sole book-running manager and Morgan Stanley is serving as co-lead manager for the offering.
Pharmasset intends to use the net proceeds from the sale of the shares by Pharmasset for general corporate purposes, which may include, but are not limited to, the funding of clinical trials, the funding of in-licensing agreements for product candidates, the funding of additional technologies or other forms of intellectual property and the acquisition of assets or businesses that are complementary to its existing business.
The shares described above are being offered by Pharmasset and the selling stockholders pursuant to an automatic shelf registration statement filed earlier today with the Securities and Exchange Commission, which became effective immediately upon filing.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Citi at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, Attention: Prospectus Department, 800-831-9146.
