When biotech company Gilead Sciences Inc. (NASDAQ: GILD) made a deal last month to acquire Pharmasett for $11 billion, no thought it would pay off so soon. Especially the folks at Idenix Pharmaceuticals Inc. (NASDAQ: IDIX).
Gilead used its conference call last night to reveal that Pharmasett’s hepatitis C drug, now called GS-7977, when used in combination with ribavirin eliminated all symptoms of a certain type of hepatitis C in just four weeks.
Idenix, meanwhile, reported that the US FDA had lifted a partial hold on trials of the company’s hepatitis C drug, dubbed IDX184. That news momentarily lifted the stock, but it wasn’t enough to overcome the Gilead story.
Gilead’s shares are up nearly 10% today, at $54.22 after posting a new 52-week high of $54.77 earlier. Idenix shares are down nearly -13% at $11.48 in a 52-week range of $2.67-$15.25.
The race to be first to market with a hepatitis C drug now has Gilead ahead in the backstretch.
Smart Investors Are Quietly Loading Up on These “Dividend Legends” (Sponsored)
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
