New Haven biotech Achillion Pharmaceuticals has opened a second office outside Philadelphia, the home of CEO Joseph Truitt, according to filings with the U.S. Securities & Exchange Commission (SEC) and published reports.
On Nov. 30 the rare-disease drugmaker signed a lease for 12,298 square feet at 1777 Sentry Parkway West in Blue Bell, Pa., according to a Dec. 4 SEC filing.
Achillion spokesman Brian DiDonato told the New Haven Register last week that the company would be moving into the new space in January.
He said the company’s CEO lived in Philadelphia and “we thought it would be better for recruiting talent,” the Register reported. Truitt replaced Milind S. Deshpande as CEO in May.
DiDonato declined to characterize the move as a relocation of its 300 George St. headquarters, but would not say how many of the company’s 65 employees would be located in the Philly office, according to the Register.
“We don’t have any plans to leave New Haven,” DiDonato said.
Achillion suffered a major setback in September 2017 when pharma giant Johnson & Johnson pulled the plug on a hepatitis C partnership, citing an overcrowded treatment market. Shortly after, J&J sold its entire stake in the company.
Last February, the company announced it would lay off 18 employees as part of a restructuring aimed at saving $10 million.
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Biohaven Pharmaceuticals Holding Co. Ltd. on Tuesday announced a public offering of 3 million shares of stock in a bid to raise $114 million.
The New Haven-based biopharma said it would use proceeds from the sale to advance its pipeline of drugs to treat migraine and other neurological diseases.
Shares are being offered at an assumed price of $40.67 per share, the trading price on the New York Stock Exchange as of Dec. 7, according to an SEC filing, although the company said the final offering price was yet to be determined.
The offering includes a 30-day option to buy an additional 450,000 shares, Biohaven said.
In a separate announcement, Biohaven reported positive results Monday in a long-term safety study of its migraine drug rimegepant. The study found the drug to be safe and well tolerated at a once-daily dose of 75 mg for up to a year, with no adverse effects on the liver.
The news follows positive Phase 3 trial results announced last week for an orally dissolving formulation of the drug. Biohaven plans to file for FDA approval for rimegepant to treat acute migraine attacks during the first half of 2019.
The safety study also supports plans to pursue further studies of rimegepant for long-term migraine prevention, CEO Vlad Coric said.
Contact Natalie Missakian at news@newhavenbiz.com
