Shortly after Gilead Sciences Inc. (NASDAQ: GILD) announced its $11 billion acquisition of Pharmasett, the company also reported some very promising results on a hepatitis C drug that came in the acquisition. Today, those results were trimmed back and Gilead’s shares are taking a beating in the pre-market.
In the earlier report, the drug, called GS-7977, when used in combination with ribavirin eliminated all symptoms of a certain type of hepatitis C in just four weeks. Today’s report indicates that in a certain type of the disease, test results showed that six of eight patients “experienced viral relapse.”
Gilead shares are down nearly -19% at $44.50 in the pre-market.
Gilead’s announcement is available here.