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May 25, 2015
 |  BioCentury  |  Finance

Sour cocktail hour

Why investors hosed HCV play Achillion after J&J deal

A blend of lofty investor expectations and dilution are the likely reasons why Achillion Pharmaceuticals Inc. (NASDAQ:ACHN) lost value after partnering its HCV assets with Johnson & Johnson (NYSE:JNJ).

The rumor mill started up last Monday, when Achillion pulled out of an investor conference and shot up $1.46 (15%) to $11.03. After market on Tuesday, Achillion announced J&J licensed exclusive, worldwide rights to the biotech's HCV assets (see "You Better You Bet" page 13).

On Wednesday, Achillion shed $1.63 (15%) to $9.05.

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