Alexion Pharmaceuticals Buys Achillion Pharma for $930 Million
October 16 2019 - 7:24AM
Dow Jones News
By Chris Wack
Alexion Pharmaceuticals Inc. (ALXN) said Wednesday it was buying
Achillion Pharmaceuticals Inc. (ACHN) 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.
Alexion said 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.
Alexion said the deal will be funded with cash on hand. The
transaction is expected to close in the first half of 2020.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 16, 2019 07:09 ET (11:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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