Professional Documents
Culture Documents
OF
SEMINAR ON
CORPORATE RESTRUCTURING
Submitted To:
Prof. Meena Sharma
Submitted By:
Vijay Singh
Roll No. 27
M.Com. (Hons.) 3rd Sem.
Introduction
The global pharmaceutical industry is characterized for being highly competitive and for
having though market regulations. Therefore, companies whose seek to generate value and
continue with a strategic position in the market, look for different and smart ways to achieve
the objective. In this industry, Mergers and Acquisitions are very supported by practitioners
and managers, since it enhance the productivity of the company and the shareholder value.
With increasing Globalisation it was necessary for every company to be sustainable and future
oriented. The power of growth for achieving them is must to recognise. It is with the company to
expand in an organic or inorganic manner. The organic method is pure but slow. It is thus an
option to go with inorganic. Mergers and Acquisitions has led growth to happen at an
tremendous pace. This is the reason that many companies are opting for inorganic way of
growing because it facilitates with a base that enables in further developments.
Gilead Sciences is a biopharmaceutical company that discovers, develops and, commercializes
therapies primarily to treat HIV and cure HCV. Founded in 1987, the company currently has a
market capitalization of over $150 billion, 7,000 employees, and over 30 locations globally. HIV
treatment and HCV cure products account for approximately 9 0% of their revenue.
Statistically, there are approximately 35 million and 150 million potential patients, globally
affected by HIV and HCV, respectively.
In 2013, Gilead released Sovaldi, a breakthrough therapy used to cure patients with HCV. In
2014, Gilead recorded $12.4 billion, which accounted for approximately 50% of their total
revenues, from their new HCV drug line. Although this may appear to be a wonderful gain
for the drug company, Gilead is quickly burning bridges in its handling of their HCV cure,
with price gouging, patent rights wars, and backlash from the private and public sector. In
addition, Gilead faces a significant decline in market share due to battles with current
comparative drugs and new competitive drugs on the horizon, resulting in significant
declines in revenue over the coming years.
Pharmassets HCV pipeline compounds were complementary to Gileads existing HCV
portfolio and the acquisition was to enable the company to test multiple drug combinations,
thus helping it in the race to develop an all-oral, interferon-free treatment regimen. Gileads
R&D portfolio included seven HCV drugs in various stages of clinical development and the
company was conducting three separate all-oral Phase II studies, the clinical data from
which were expected to be available in 2012 and early 2013. In agreeing to acquire
Pharmasset, Gilead was thus betting that it will be able to benefit from the predicted
expansion of the HCV market, which was predicted to rise to US$16 Billion in 2015.
Literature Review
Mergers and acquisitions (M&As) and alliances are potential alternative choices for
managers. Xiaoli Yin and Mark Shanley (2008) propose that three dimensions of industry
conditions are likely to be influential in such choices: (1) industry demands on firms to make
significant commitment, (2) the environmental pressures for flexibility, and (3) the limitations
on firm choices stemming from industry concentration and institutional conditions. They
develop propositions about how differences across these three dimensions influence the
choices that firms make between Mergers & Acquisitions and alliances.
Mahmud Hassan (Rutgers Business School, Newark, New Jersey, USA), Dilip K. Patro
(Department of Treasury, Washington, District of Columbia, USA), Howard Tuckman
(Fordham University, New York, USA) and Xiaoli Wang (Bear Sterns, USA) in their article
Do mergers and acquisitions create shareholder wealth in the pharmaceutical industry? has given the evidence of short and longterm abnormal returns, as well as accounting and
efficiency effects are found for acquisitions but not for mergers. However, the tests do
suggest that mergers with USbased targets are not value destroying. It is also found that
there are differences as to the effects of acquisitions of foreignbased, as opposed to US
based targets.
Mehmet Demirbag (Lecturer in strategic management in the Management School at the
University of Sheffield), ChangKeong Ng (MBA graduate in the Management School at
the University of Sheffield) and Ekrem Tatoglu (Associate professor of international
business in the Department of Management at Bahcesehir University) (2003) has provided
new evidence on the nature of value creation in M&A activity based on a sample of giant
pharmaceutical M&As and independent nonM&A rival firms. Relying on multiple
indicators of performance, their postM&A performance was compared with their pre
M&A performance as well as with the performance of other major pharmaceutical firms
that have not been involved in M&A activity. Based on three measures of operating M&A
performance, it has been noted in general that no value creation was realized in the sample
M&As in terms of research productivity, return on investment, and profit margin. The
sample M&As had lower research productivity than that of both preM&A and
independent nonM&Arival firms. In a similar vein, with regard to return on investment,
M&As were not better than their preM&A firms, but performed relatively better than their
nonM&A rivals. As far as the profit margin is concerned, the sample M&As, however,
appeared to have better performance than preM&Afirms and almost on par with the non
M&A rivals.
In their study of the evolution of organizational performance literature, Hirsch and Levin
(1999) observe that organizational effectiveness was a predecessor to organizational
performance. Organizational effectiveness is a broader construct than organizational
performance because it incorporates a wide array of internal as well as external indicators
(cf. Richards, Devinney, Yip, & Johnson, 2009). Scholars studying organizational
effectiveness tried to find a universally accepted set of non-overlapping variables to
measure it. After several failed attempts, they turned their interest to organizational
performance instead but they were not more successful with this construct, as Hirsch and
Levin (1999) point out.
- Accelerates Development of All-Oral Regimen for the Treatment of HCV - Leverages Gilead's Infrastructure and Expertise in Antiviral Drug Development,
Manufacturing and Commercialization On the November 21, 2011 (7:02 AM), Gilead Sciences, Inc. (Nasdaq:GILD) and
Pharmasset, Inc. (Nasdaq:VRUS) announced that the companies have signed a definitive
agreement under which Gilead will acquire Pharmasset for $137 per share in cash.
The transaction, which values Pharmasset at approximately $11 billion, was unanimously
approved by Pharmasset's Board of Directors.
Gilead plans to finance the transaction with cash on hand, bank debt and senior unsecured
notes. The company expects the transaction, when completed, to be dilutive to Gilead's
earnings through 2014 and accretive in 2015 and beyond.
Pharmasset currently has three clinical-stage product candidates for the treatment of chronic
hepatitis C virus (HCV) advancing in trials in various populations. The company's lead
product candidate, PSI-7977, an unpatented uracil nucleotide analog, has recently been
advanced into two Phase 3 studies in genotype 2 and 3 patients. Both studies will utilize 12
weeks of treatment with PSI-7977 in combination with ribavirin.
One study will compare this all-oral regimen against 24 weeks of the standard-of-care
pegylated interferon/ribavirin in treatment-nave patients, and the second study will compare
the all-oral regimen to placebo in interferon-intolerant/ineligible patients. A third Phase 3
study in genotype 1 patients will be initiated in the second half of 2012, the design of which
is dependent on the outcome of Phase 2 studies which are evaluating PSI-7977 in various
combinations in genotype 1-infected patients. If successful, this strategy could lead to an
initial U.S. regulatory approval of PSI-7977 in 2014.
PSI-938, an unpartnered guanosine nucleotide analog, is being tested in a Phase 2b
interferon-free trial as monotherapy and in combination with PSI-7977 in subjects with HCV
of all viral genotypes. Mericitabine (RG7128), a cytidine nucleoside analog, is partnered with
Roche and is being evaluated in three Phase 2b trials. Roche is responsible for all aspects of
the development of mericitabine.
"The acquisition of Pharmasset represents an important and exciting opportunity to accelerate
Gilead's effort to change the treatment paradigm for HCV-infected patients by developing alloral regimens for the treatment of the disease regardless of viral genotype,"
"Pharmasset presented compelling Phase 2 data and further characterizing the strong efficacy
and safety profile of PSI-7977. The compound, together with Pharmasset's other pipeline
candidates, represents a strong strategic fit with Gilead's vision, pipeline and capabilities.
This transaction will serve to drive the long-term growth of our business, and we look
forward to working closely with the Pharmasset team to advance a broad clinical program in
HCV to address the unmet needs of patients and the medical community."
-
said John C. Martin, PhD, Chairman and Chief Executive Officer of Gilead.
"We are excited to join together with Gilead, which shares our commitment to providing
HCV patients with new, highly efficacious and safe oral therapies,"
"We are very encouraged by the data from our Phase 2 studies of PSI-7977 and believe
strongly in the potential of this compound to be a component in the transformation of the
treatment of chronic HCV. Gilead's established expertise and leadership in the field of
antiviral drug development and commercialization, coupled with the company's existing
portfolio of promising compounds for HCV, make this partnership an ideal step to fully
realize the potential of our promising molecules as part of future all-oral combination
therapies for millions of patients in need around the world."
-
Gilead's research and development portfolio includes seven unique molecules in various
stages of clinical development for the treatment of HCV. Pegylated interferon in combination
with ribavirin is currently part of the standard of care treatment for patients with chronic
hepatitis C. Gilead is focused on advancing multiple compounds with different mechanisms
of action and resistance profiles in combinations that will support delivery of an all-oral
regimen that would eliminate the need for pegylated interferon. Three separate all-oral Phase
2 studies are currently ongoing, and Gilead expects clinical data from these studies to become
available in 2012 and early 2013. Pharmasset's compounds are complementary to Gilead's
existing HCV portfolio, and the transaction will help advance Gilead's effort to develop an
all-oral regimen for the treatment of HCV.
About Pharmasset
Pharmasset was a clinical-stage pharmaceutical company committed to discovering,
developing and commercializing novel drugs to treat viral infections. Pharmasset's primary
focus was the development of oral therapeutics for the treatment of hepatitis C virus (HCV)
infection. Pharmasset's research and development efforts are focused on nucleoside/tide
analogs, a class of compounds which act as alternative substrates for the viral polymerase,
thus inhibiting viral replication.
12/31/12
2,113.00
1,803.69
9,883.78
907.88
19
58.56
16.49
1,190.79
2,132.00
1,862.25
9,900.27
2,098.67
2,434.00
-252
2,182.00
2,182.00
1,697.00
564
331
91
422
2,012.40
-261.01
1,751.39
1,751.39
1,744.98
450.78
262.64
84.3
346.94
2,157.16
-205.99
1,951.17
1,951.17
1,389.98
391.91
208.16
77.31
285.46
1,772.91
-150.94
1,621.97
1,621.97
1,203.81
388.06
279.34
116.24
395.58
17,714.0
0
6,997.00
6,156.35
13,918.7
9
5,708.08
997
254
632
411
835
196
508
129
670.47
195.81
439.08
216.43
500.04
149.38
411.63
60.75
501.4
137.81
285.19
82.33
--
--
1.76
10.88
10.87
2,294.00
1,668.00
1,523.56
1,132.67
1,017.60
-620
-502
-423.3
-358.26
-316.37
1,674.00
1,166.00
1,100.26
774.41
701.24
1,172.00
11,863.0
0
-1,222.00
11,073.0
0
1,598.00
1,598.00
1,169.00
11,714.0
0
-388
11,900.0
0
439
439
1,060.92
1,004.10
532.67
994.2
976.2
973.3
-244
11,736.3
9
719.84
719.84
-179.53
-109.9
1,062.86
892.92
63.7
63.7
3,219.40
3,219.40
236
190
131.11
144.02
153.38
1,197.00
1,433.00
718
908
334.98
466.08
335.26
479.27
384.94
538.32
Total Assets
34,664.0
0
22,579.0
0
21,239.8
4
17,303.1
3
11,592.63
Accounts Payable
Accrued Expenses
Notes Payable / Short Term Debt
955
4,084.00
0
1,256.00
2,246.00
0
1,327.34
1,569.89
0
1,206.05
1,186.83
0
803.03
910.54
0
Period Ended
Cash & Equivalents
Short Term Investments
Cash and Short Term Investments
Accounts Receivable - Trade, Gross
Provision for Doubtful Accounts
Accounts Receivable - Trade, Net
Total Receivables, Net
Total Inventory
Prepaid Expenses
Deferred Income Tax - Current Asset
Other Current Assets
Other Current Assets, Total
Total Current Assets
Buildings - Gross
Land / Improvements - Gross
Machinery / Equipment - Gross
Construction in Progress - Gross
Other Property / Plant / Equipment Gross
Property / Plant / Equipment, Total Gross
Accumulated Depreciation, Total
Property / Plant / Equipment, Total Net
Goodwill, Net
Intangibles - Gross
Accumulated Intangible Amortization
Intangibles, Net
LT Investments - Other
Long Term Investments
Defered Income Tax - Long Term
Asset
Other Long Term Assets
Other Long Term Assets, Total
12/31/14
10,027.0
0
101
10,128.0
0
4,991.00
-356
4,635.00
4,635.00
1,386.00
585
508
472
980
483
2,697.00
1,169.49
1.57
646.35
134
105
-239
111
11
86
208
103.16
13.4
54.62
171.18
74.67
40.58
5.09
120.34
103.18
1.86
-105.04
5,761.00
6,407.00
4,237.90
2,514.79
2,464.95
3,939.00
7,054.56
7,605.73
2,838.57
3,939.00
7,054.56
7,605.73
2,838.57
6,636.00
8,224.05
7,607.31
3,484.92
51
83
10.19
--
--
51
393
1,112.00
1,112.00
83
375
405
405
10.19
241.13
393.47
393.47
-128.49
315.26
315.26
-258.11
167.27
167.27
19,238.0
0
11,209.0
0
11,937.2
5
10,564.2
8
5,728.90
2
2
2,391.00
12,732.0
0
355
-54
-54
2
2
5,386.00
1.52
1.52
5,641.94
0.75
0.75
4,903.14
0.8
0.8
4,648.29
6,106.00
3,704.74
1,776.76
1,183.73
-79
-45
-45
-44.2
-1.42
-1.42
70.7
-12.5
-12.5
38.14
-7.23
-7.23
Total Equity
15,426.0
0
11,370.0
0
9,302.59
6,738.86
5,863.73
34,664.0
0
22,579.0
0
21,239.8
4
17,303.1
3
11,592.63
11,921.0
0
11,921.0
0
12,404.0
0
12/31/14
12/31/13
12/31/12
Net Sales
24,890.0
11,201.6
9,702.52
8,385.39
7,949.42
0
24,890.0
0
24,890.0
0
9
11,201.6
9
11,201.6
9
Cost of Revenue
Cost of Revenue, Total
3,788.00
3,788.00
Gross Profit
Revenue
9,702.52
8,385.39
7,949.42
9,702.52
8,385.39
7,949.42
2,858.50
2,858.50
2,471.36
2,471.36
2,124.41
2,124.41
1,869.88
1,869.88
21,102.0
0
8,343.19
7,231.15
6,260.98
6,079.54
2,785.00
1,562.80
1,461.03
1,204.95
1,018.41
198
136.63
--
--
--
2,983.00
1,699.43
1,461.03
1,204.95
1,018.41
2,854.00
------
2,119.76
------
1,759.95
------
1,192.15
0
0
8.73
65.3
74.03
922.89
--39.64
136.39
176.03
9,625.00
6,677.69
5,692.34
4,595.54
3,987.20
Operating Income
15,265.0
0
4,524.00
4,010.18
3,789.84
3,962.22
-412
-412
128
-306.89
-306.89
-14.91
-360.92
-360.92
-9.54
-205.42
-205.42
--
-108.96
-108.96
--
128
-14.91
-9.54
--
--
-284
-321.8
-370.46
-205.42
-108.96
-125
6.02
-27.74
66.58
60.29
-125
6.02
-27.74
66.58
60.29
14,856.0
0
4,208.22
3,611.98
3,651.00
3,913.55
2,797.00
1,150.93
1,038.38
861.95
1,023.80
12,059.0
0
3,057.29
2,573.60
2,789.06
2,889.75
42
17.52
17.97
14.58
11.51
12,101.0
0
3,074.81
2,591.57
2,803.64
2,901.26
Total Revenue
Minority Interest
Net Income Before Extraordinary
Items
Net Income
12,101.0
0
3,074.81
2,591.57
2,803.64
2,901.26
12,101.0
0
3,074.81
2,591.57
2,803.64
2,901.26
12,101.0
0
3,074.81
2,591.57
2,803.64
2,901.26
1,522.00
1,528.62
1,514.62
1,549.81
1,712.12
7.95
2.01
1.71
1.81
1.69
7.95
2.01
1.71
1.81
1.69
--
--
12,101.0
0
3,074.81
2,591.57
2,803.64
2,901.26
1,647.00
1,694.75
1,582.55
1,580.24
1,746.79
7.35
1.81
1.64
1.77
1.66
7.35
1.81
1.64
1.77
1.66
2011
2010
1,66,455
3,528
1,27,081
6
718
1,69,983
1,27,805
4,811
1,837
4,060
1,837
6,648
-4,665
5,897
-4,184
1,983
1,713
100
139
100
143
1,72,205
1,29,761
2,470
5,703
7,467
28
633
8,705
5,037
5,863
25
985
16,301
91
1,425
20,615
93
1,971
116
2,934
17,933
25,613
76
68
1,230
4,78,848
-3,24,652
3,36,317
-2,33,467
1,54,272
1,04,148
Total
1,72,205
1,29,761
2010
1,020
75,850
16,651
48,261
16,458
92,501
64,719
Operating loss
Investment income
Other income
Interest expense
-91,604
15
489
-1,058
-63,699
8
-2,391
-92,158
-66,082
Revenues
COSTS AND EXPENSES:
Research and development
General and administrative
Total costs and expenses
-973
Net loss
-91,185
-66,082
COMPREHENSIVE LOSS:
Net loss
Unrealized gain on available-for-sale investments
-91,185
-66,082
Comprehensive loss
-91,185
-66,082
-1.25
-1.07
727,76,981
619,09,966
Financial Ratios
Gilead Sciences
2014
2013
2012
2011
2010
Current Ratio
3.0748134
1.0920868
1.4526888
5.5347723
2.3156981
Quick Ratio
2.7326853
0.7391915
0.9345643
4.8262082
1.6698959
Cash Ratio
1.7580281
0.332761
0.4394275
3.9368178
0.8514047
Debt-Equity
0.804097
0.5836412
0.8840602
1.1288719
0.594318
0.1146645
0.1892357
0.181391
0.1421699
0.1160953
0.4844918
0.2729311
0.2652507
0.3326095
0.3635171
Basic EPS
7.95
2.01
1.71
1.81
1.69
Diluted EPS
7.35
1.81
1.64
1.77
1.66
Solvency Ratio
Operating Profit
Ratio
Return on Investment
0.554985
0.4964347
0.5620217
0.6105416
0.4941847
0.6132985
0.4038676
0.4133132
0.4519575
0.4984288
0.7817321
0.2688909
0.2766541
0.4138771
0.4928177
Return on Equity
5.0434964
0.5676365
0.4561552
0.5688314
0.6216802
Pharmasset Inc.
2011
2010
Current Ratio
10.427765
6.1996119
Quick Ratio
10.211337
6.1647829
Cash Ratio
10.211337
6.1644919
Debt-Equity
0.0007519
0.0281714
-102.12263
-62.45
-101.65552
-64.786275
Basic EPS
-1.25
-1.07
Diluted EPS
-1.25
-1.07
Solvency Ratio
0.1041375
0.197386
Return on Invetment
-0.5910664
-0.6345009
Return on Equity
-0.1903956
-0.1957318
Gilead Sciences
6
5
4
3
2
1
0
2014
2013
Current Ratio
2012
Quick Ratio
2011
Cash Ratio
2010
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2014
2013
2012
2011
2010
1.2
0.8
Debt-Equity
0.6
Solvency Ratio
0.4
0.2
0
2014
2013
2012
2011
2010
9
8
7
6
2014
2013
2012
2011
2010
3
2
1
0
Basic EPS
Diluted EPS
Pharmasset Inc.
12
10
8
2011
2010
Current Ratio
Quick Ratio
Cash Ratio
0.25
0.2
0.15
2011
2010
0.1
0.05
Debt-Equity
Solvency Ratio
-20
-40
Axis Title
-60
-80
-100
-120
-0.2
-0.4
-0.6
Axis Title
-0.8
-1
-1.2
-1.4
Findings
From above tables and charts we have found that:
Gilead Sciences
Current Ratio after deal with Pharmasset in 2011 has decreased substantially in 2012
and 2013. But it has increased in 2014 significantly.
Quick Ratio after deal with Pharmasset in 2011 has decreased significantly in 2012
and 2013. But it has increased in 2014 significantly.
Cash Ratio after deal with Pharmasset in 2011 has decreased substantially in 2012 and
2013. But it has increased in 2014 significantly.
Debt-Equity ratio has increased in 2011 at time of deal but thereafter it has decreased
in 2012 and 2013. Although in 2014 there has been rise in Debt-Equity ratio.
Solvency ratio has declined marginally in 2012 and 2013. But it again increased in
2014. It has remained almost stable throughout five years.
Both Basic and Diluted Earnings per Share has increased significantly in 2014.
Return on Investment has decreased after 2011. But it has seen significant rise in
2014.
Return on Equity has decreased after 2011. But it has seen significant rise in 2014.
Gross Profit ratio has increased after 2011. But it saw a decrease in 2014.
Net Profit ratio has decreased after 2011. But it has seen an increase in 2014.
Operating Profit ratio has decreased after 2011. But it has seen an increase in 2014.
Pharmasset Inc.
Current ratio has increased in the year of deal 2011 as compared to previous year.
Quick ratio has increased in the year of deal 2011 as compared to previous year.
Cash ratio has increased in the year of deal 2011 as compared to previous year.
Debt-Equity ratio has decreased to a very low level even below previous years mark.
Solvency ratio has decreased to a lower level as compared to previous year.
Operating Profit ratio has further decreased to a more negative value as compared to
previous year.
Net Profit ratio has further decreased to a more negative value as compared to
previous year.
Both Basic and Diluted Earnings per Share has reduced further from the previous
years level.
Return on Investment has reduced to a greater negative value as compared to previous
year.
Return on Equity has reduced to a greater negative value as compared to previous
year.
Success or Failure?
It is of no use that a measure is to be adopted that is not having any incentive to us. Same is
with the company. The Gilead sciences-Pharmasset deal is to be judged on the basis of its
success or failure. The results have shown that it has been successful for the Gilead to go with
the deal as well as for Pharmasset.
The Gilead is considered to be king of Mergers & Acquisitions in Pharmaceutical Industry.
The Gilead has acquired many other companies. This deal has enabled the Gilead to look for
more opportunities in Pharmaceutical Industry. Hepatitis C Virus oral vaccine has been a key
for its future growth. The Pharmassets assets has been already deployed in those works has
made it faster for the Gilead to move ahead in that direction. Gilead is frontrunner in HIV
drugs. Its expansion in other areas has made it more sustainable in industry. Pharmassets
financial statements as well ratios also depict that its deal with Gilead could do justice with
its assets as well its motives.
Results have been positive after the deal for the Gilead Sciences as almost every ratio depicts
success for its deal. The next future is very volatile, uncertain, complex and ambiguous. It is
very challenging for Gilead to sustain with same pace. It has to continuously focus on
Research & Development of its new products. That will determine the next destiny of the
company.
References
1. http://www.sec.gov/Archives/edgar/data/882095/000119312511331318/d260880dex9
91.htm
Retrieved on October 08, 2015
2. http://www.sec.gov/Archives/edgar/data/882095/000119312512075335/d260199d10k
.htm
Retrieved on October 08, 2015
3. http://www.nasdaq.com/symbol/gild/financials?query=income-statement
Retrieved on October 09, 2015
4. http://www.streetinsider.com/stock_lookup.php?
cik=1301081&financials=balance&chartkeyid=27
Retrieved on October 09, 2015
5. http://investors.gilead.com/phoenix.zhtml?c=69964&p=irol-fundincomea
Retrieved on October 10, 2015
6. http://ojs.pharmadeals.net:5555/index.php/pdr/article/viewFile/cr1636/pdf
Retrieved on October 10, 2015
7. http://www.economist.com/sites/default/files/gilead.pdf
Retrieved on October 10, 2015
8. http://files.shareholder.com/downloads/VRUS/0x0x520865/a843d7b8-f16a-4506a70f-96bb0c2e065c/VRUS_News_2011_11_21_General_Releases.pdf
Retrieved on October 10, 2015
9. http://amr.aom.org/content/33/2/473.short
Retrieved on October 10, 2015
10. http://www.eurofinancials.com/en/financial%20analysis,Pharmasset
%20Inc.,37674NU.html
Retrieved on October 11, 2015
11. http://medicalxpress.com/news/2011-11-gilead-pharma-rival-pharmasset.html
Retrieved on October 11, 2015
12. http://www.awpagesociety.com/wp-content/uploads/2015/04/Gilead-Sciences-CaseStudy.pdf
Retrieved on October 11, 2015
13. http://repositorio.ucp.pt/bitstream/10400.14/11528/1/Dissertation%20(N%C3%A1dia
%20Teixeira).pdf
Retrieved on October 11, 2015
14. http://www.gilead.com/about
Retrieved on October 12, 2015
15. http://dealbook.nytimes.com/2011/11/21/gilead-to-buy-pharmasset-for-11-billion/
Retrieved on October 12, 2015
16. http://www.natap.org/2011/HCV/112211_01.htm
Retrieved on October 12, 2015
17. http://barfins.com/company/pharmasset/balance/ifrs/year/
Retrieved on October 12, 2015
18. http://www.emeraldinsight.com/doi/full/10.1108/17506120710740289
Retrieved on October 12, 2015
19. http://www.sciencedirect.com/science/article/pii/S0956522111000856
Retrieved on October 12, 2015
20. http://www.emeraldinsight.com/doi/abs/10.1108/1525383X200700007
Retrieved on October 12, 2015