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Achillion raises $50.1 million

August 18, 2010 11:09 PM UTC

Achillion Pharmaceuticals Inc. (NASDAQ:ACHN) raised $50.1 million through the sale of 19.8 million shares at $2.49 and 6.9 million warrants at $0.13 in a private placement to institutional and accredited investors. The share price is a 5% discount to Achillion's close of $2.61 on Wednesday, before the deal was announced. Each seven-year warrant is exercisable for 0.35 shares, with each whole warrant exercisable at $3.11. New investors Domain Associates and Quaker BioVentures, as well as existing investors Clarus and Pappas Ventures participated in the placement. ...