Achillion Pharmaceuticals Announces Pricing Offering for 9.6M Shares of Common Stock at $5.90/Share

Achillion Pharmaceuticals, Inc. ACHN announced today the pricing of an underwritten public offering of 9,600,000 shares of its common stock at a price to the public of $5.90 per share. The net proceeds to Achillion from the sale of the shares, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $52.9 million. The offering is expected to close on June 27, 2011, subject to customary closing conditions. BofA Merrill Lynch and Leerink Swann LLC are acting as joint book-running managers for the offering. Achillion has granted the underwriters a 30-day option to purchase up to an additional 1,440,000 shares of its common stock to cover overallotments, if any. The expected net proceeds to Achillion referenced above do not include any net proceeds that Achillion would receive if the underwriters exercise such overallotment option.