By Devika Patel
Knoxville, Tenn., Aug. 20 - Achillion Pharmaceuticals, Inc. agreed to raise $49.19 million in a private placement of stock on Aug. 18, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 19,755,101 common shares at $2.49 apiece, which was the consolidated closing bid price on Aug. 17.
Investors also will receive warrants for 0.35 of a share for each share bought, or warrants for a total of 6,921,285 shares, which are each exercisable at $3.1125 for seven years. The strike price reflects a 23.51% premium to the Aug. 17 closing share price of $2.52.
Domain Associates, Clarus Ventures, Quaker BioVentures and Pappas Ventures are the investors.
Settlement is expected Aug. 20.
Achillion is a New Haven, Conn.-based biopharmaceutical company that develops treatments for infectious diseases.
| Issuer: | Achillion Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $49,190,202
|
| Shares: | 19,755,101
|
| Price: | $2.49
|
| Warrants: | For 6,921,285 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $3.1125
|
| Investors: | Domain Associates, Clarus Ventures, Quaker BioVentures and Pappas Ventures
|
| Pricing date: | Aug. 18
|
| Settlement date: | Aug. 20
|
| Stock symbol: | Nasdaq: ACHN
|
| Stock price: | $2.61 at close Aug. 18
|
| Market capitalization: | $99.84 million
|
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