Updated from 11:13 a.m. with closing price.
NEW YORK (TheStreet) -- Shares of Gilead Sciences (GILD) fell -1.4% to $105.36 at the closing bell on Friday after Bloomberg reported the company is close to a deal with generic drugmakers to bring cheaper versions of its $84,000 hepatitis C drug Sovaldi to approximately 80 developing nations, including India, Pakistan and Indonesia.
See why one investment manager says fears about lower emerging market pricing for Gilead's hepatitis drug are overblown:
The licensing deal could go into effect as soon as the middle of this month. It would permit the generic drugmakers to manufacture Sovaldi and another experimental pill that combines Sovaldi with another Gilead hepatitis drug, executive vice president Gregg Alton told Bloomberg.
Gilead intends to sell Sovaldi directly in certain lower income countries, including India, at $900 for 12 weeks of therapy. Sovaldi sells in the U.S. for the controversial price of $1,000 apiece, or $84,000 for 12 weeks. Patients who take Sovaldi stay on it for either 12 weeks or 24 weeks.
More than 34.2 million shares changed hands Friday, compared to the average volume of 12,293,000. The stock hit an intraday low of $97.55.
Separately, TheStreet Ratings team rates GILEAD SCIENCES INC as a "buy" with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation: