Pharmasset Prices Low IPO

Pharmasset Ltd., a Tucker, Ga.-based drug company focused on viral diseases, priced five million common shares at $9 per share, for an IPO take of approximately $45 million. It had filed to sell six million shares at between $12 and $14 per share. Pharmasset will trade on the Nasdaq under ticker symbol VRUS, while Banc of America securities and UBS served as co-lead underwriters. The company raised $55.3 million in VC funding since its 1998 inception, from firms like MPM Capital (25.6% pre-IPO stake), TVM Capital (11.7%), Burrill & Co. (11.1%) and MDS Capital (8.1%).