Gilead Sciences, Inc. (Nasdaq:GILD) today announced that it has received early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) with respect to Gilead's cash tender offer for Pharmasset, Inc (Nasdaq: VRUS).
On December 13, 2011, Gilead and Pharmasset filed the Premerger Notification and Report Forms required under the HSR Act with the Federal Trade Commission (FTC) and the Antitrust Division of the U.S. Department of Justice. On December 27, 2011, Gilead voluntarily withdrew and re-filed these forms to provide the FTC with additional time to review the information submitted by Gilead and Pharmasset and to seek clearance of the transaction without the need for a "Second Request" for additional information or materials from the FTC.
With the clearance of the subsequent filing, the tender offer is expected to close during the first quarter of 2012, subject to customary closing conditions. Unless the tender offer is extended, the offer and withdrawal rights will expire at 12:00 midnight, New York City time, on January 12, 2012 (one minute after 11:59 p.m., New York City time, on January 11, 2012).