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By Caroline Winter

November 23, 2011 at 10:00 PM UTC

This article is for subscribers only.

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This article is part of the November 28, 2011 issue of businessweek.

1. Biopharma company Gilead Sciences is paying about $11 billion for Pharmasset to add experimental treatments for hepatitis C, a market that may reach $20 billion by 2020.

2. Insurer Alleghany will buy reinsurer Transatlantic Holdings, a former unit of American International Group, for $3.4 billion and plans to run it as a standalone subsidiary.