New Haven drug developer Achillion Pharmaceuticals Inc. is one of six stocks being added to the Nasdaq Biotechnology Index, effective May 23. Danbury’s Biodel Inc. is being dropped.
The index tracks the performance of a set of Nasdaq stocks classified as either biotechnology or pharmaceutical according to the Industry Classification Benchmark (ICB).
In addition to Achillion (ACHN), the other newcomers are: AVEO Pharmaceuticals Inc. (AVEO), Columbia Laboratories Inc. (CBRX), ISTA Pharmaceuticals Inc. (ISTA), Pacific Biosciences of California Inc. (PACB) and Zalicus Inc. (ZLCS).
Achillion is developing treatments for hepatitis C, HIV and other blood-borne ailments.
Two stocks are being removed: Biodel Inc. (BIOD ), which announced late last week plans to raise $30 million through a direct placement of stock for its fast-acting diabetes treatments, and China Sky One Medical Inc. (CSKI).
The biotech index is re-ranked semi-annually each May and November.
