Aches for 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...