The investors have agreed to purchase the shares at a purchase price of $17.85 per share resulting in gross proceeds of approximately $25.9 million to Pharmasset, before deducting placement agent fees and estimated offering expenses.
The transaction is expected to close on or about July 21, 2008, subject to customary closing conditions.
Pharmasset intends to use the net proceeds from the sale of the shares 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.