Hep-C Stocks Soar On M&A News

News of Gilead Sciences'

$11 billion purchase of Pharmasset

has other makers of hepatitis C treatments on the move despite a sour reception to news of the deal by Gilead shareholders. Shares of Gilead are off almost 12% on nearly quadruple the average daily volume as some investors are pondering whether the $11 billion the company is paying for Pharamasset is too high. That hasn't stopped the bulls from racing into Inhibitex

, which is working on a hepatitis C treatment of its own. Inhibitex is up more than 19% on strong volume. The company is said to be developing drugs similar to what Pharmasset is working on. Bristol-Myers

has been tossed around as a potential buyer for Inhibitex. Achillion Pharmaceuticals

is also modestly higher on the day and as TheStreet.com reported, Achillion's CEO has never been shy about saying his company is in talks with potential partners or buyers. Shares of Vertex Pharmaceuticals

are responding to the Gilead/Pharmasset news in negative fashion, down almost 3%. Vertex is also working on hepatitis C drugs and the stock may be lower on the loss of Gilead as a potential suitor, but that's purely speculation at this point.