New Haven’s Achillion Pharmaceuticals Inc. followed through on previously announced plans to raise cash, pricing 15 million shares at $8.40 apiece. The offering is set to close Wednesday.
Achillion needs the extra money to bolster its reserves as it continues to push through its pipeline of antiviral treatments, including one to combat the blood ailment, hepatitis C.
After commissions and estimated offering expenses, Achillion says it expects to pocket about $118.5 million.
Citigroup and Leerink Swann LLC are acting as joint book-running managers, and JMP Securities LLC, Piper Jaffray & Co. and Wells Fargo Securities, LLC are acting as co-managers for the offering.
Achillion has granted the underwriters a 30-day option to purchase up to an additional 2.25 million.
