Aches for Achillion
Sale of VC shares, CMO resignation worry investors in HCV play Achillion
Public investors in Achillion Pharmaceuticals Inc. (NASDAQ:ACHN) lopped $34 million off the HCV company's valuation last week based on two events: the departure of a senior executive and the distribution and sale of some shares by two of the company's VCs.
Achillion is one of a handful of clinical-stage biotechs that remain as potential acquisition candidates in HCV - a space where a pair of high-valuation takeouts have occurred in the last six months.
SEC filings last Tuesday showed Domain Partners distributed 1.2 million shares to LPs. Documents also showed Clarus Ventures sold 1.3 million shares at $7.49