New Issue: Achillion prices $51.75 million IPO of 4.5 million shares at $11.50, below $14-$16 range

By Ronda Fears

Memphis, Oct. 26 - Achillion Pharmaceuticals, Inc. set terms on a $54 million initial public offering of 4.5 million shares at $11.50 each - below talk for $14 to $16.

The bookrunner for the deal, which priced after the close Wednesday, was Cowen & Co.

New Haven, Conn.-based Achillion is focused on infectious diseases such as HIV and hepatitis C. The company plans to use proceeds for drug development.

Issuer:	Achillion Pharmaceuticals, Inc.
Issue:	Initial public offering
Gross proceeds:	$51.75 million
Net proceeds:	$46.2 million
Shares:	4.5 million
Greenshoe:	675,000 shares
Price:	$11.50 per share
Price talk:	$14 to $16 per share
Bookrunner:	Cowen & Co.
Joint lead manager:	CIBC World Markets
Co-manager:	JMP Securities LLC
Pricing date:	Oct. 25
Settlement date:	Oct. 31
Ticker:	Nasdaq: ACHN

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