Gilead Sciences has agreed to acquire Pharmasset for $137 per share in cash.

The transaction values Pharmasset (nasdaq: VRUS - news - people ) at $11 billion, and is expected to be completed in the first quarter of 2012.

Pharmasset's board has approved the transaction, and Gilead (nasdaq: GILD - news - people ) said it will be accretive to earnings beginning in 2015.

Gilead said the acquisition represents an important and exciting opportunity to accelerate its effort to change the treatment paradigm for hepatitis C with all-oral regimens.

Pharmasset has three clinical-stage candidates for the treatment of chronic hepatitis C virus.

Keep an eye on shares of Regeneron Pharmaceuticals (nasdaq: REGN - news - people ) today as well.

The company said late Friday the US Food and Drug Administration has approved its EYLEA injection for the treatment of patients with neovascular age-related macular degeneration.

The treatment was approved at a dose of 2 milligrams every four weeks for the first 12 weeks, followed by 2 milligrams every eight weeks.

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