New Haven drug developer Achillion Pharmaceuticals Inc. priced its 10.3 million share offering at $2.08 each, a 20 percent discount to the stock’s Thursday close, sending its shares down 15 percent in early trading today, Reuters reported.
The company said it expects net proceeds of about $19.7 million, which will be used for general corporate purposes, Reuters reported.
The company also granted its underwriters an option to acquire up to an additional 1.5 million shares to cover overallotments.
The offering is expected to close on Jan. 27.
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Achillion is in clinical testing of treatments for hepatitis C and other blood-borne diseases.
