Achillion, Tesaro planning follow-ons

Achillion Pharmaceuticals Inc. (NASDAQ:ACHN) and Tesaro Inc. (NASDAQ:TSRO) announced plans on Wednesday to raise a combined $200 million in follow-ons. Achillion is seeking to raise $125 million in a follow-on underwritten by Citigroup and Leerink, and Tesaro is seeking to raise $75 million in a follow-on underwritten by Citigroup; Morgan Stanley; Leerink, Deutsche Bank; and BMO Capital Markets.

Achillion has two products in Phase II testing for HCV: sovaprevir (formerly ACH-1625), a selective inhibitor of HCV NS3 protease; and ACH-3102, a pan-genotypic, second-generation HCV NS5A protein inhibitor. Achillion, which announced the offering after market close along with its 4Q12 and 2012 earnings, was off $0.38 to $9.53 on Wednesday. ...