New Haven drug developer Achillion Pharmaceuticals Inc. expects to net at least $53 million from its latest equity offering of 9 million shares of common stock.
Achillion said Wednesday it priced its offering of up to 9.6 million shares at $5.90 apiece.
The offering, which was announced Monday, is set to close next Tuesday. After dealer fees and other closing costs, Achillion expects to net $52.9 million.
In mid-morning trading, Achillion was up 60 cents, or 10 percent, at $6.61.
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BofA Merrill Lynch and Leerink Swann LLC are acting as joint book-running managers for the offering.
Achillion says it will use the proceeds to fund ongoing research into treatments for HIV and hepatitis C.
