Achillion Pharmaceuticals Shares Up 84% on Buyout Deal
October 16 2019 - 8:28AM
Dow Jones News
By Chris Wack
Shares of Achillion Pharmaceuticals (ACHN) jumped 84%, to $6.72,
after Alexion Pharmaceuticals Inc. (ALXN) offered to buy the
company for an initial consideration of $930 million, or $6.30 a
share of Achillion common stock.
The companies said as part of the acquisition, Alexion will also
be acquiring the cash currently on Achillion's balance sheet. As of
Sept. 30, this was about $230 million.
The deal includes the potential for additional consideration in
the form of non-tradeable contingent value rights, which will be
paid to Achillion shareholders if certain clinical and regulatory
milestones are achieved within specified periods. These include
$1.00 a share for the U.S. FDA approval of danicopan and $1.00 a
share for ACH-5228 Phase 3 initiation.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 16, 2019 08:13 ET (12:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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