Biotech Values

[DewDiligence]

Achillion – Yet another biotech IPO going
off below the lower bound of the expected
price range. Achillion is a player in HCV and
is partnered with GILD on the PI, GS9132.

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20061026:MTFH03413_2...

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Achillion IPO Raises $51.8M, Below Range

Wed Oct 25, 2006 8:07 PM ET

NEW YORK, Oct 25 (Reuters) - Achillion Pharmaceuticals Inc. on Wednesday raised almost $51.8 million with an initial public offering that priced below a forecast range, according to an underwriter.

The 4.5 million share offering, which represents about a 30 percent stake in the company, sold for $11.50 per share compared with a $14 to $16 forecast range. The pricing gives the company an initial market capitalization of almost $171 million.

The New Haven, Connecticut-based company plans to use proceeds from the offering for clinical trials, development costs, research activities and general corporate purposes. The biopharmaceutical company focuses on the development of treatments for infectious diseases.

Cowen and Co. and CIBC World Markets were the lead underwriters, according to an amended offering document filed with the U.S. Securities and Exchange Commission.

Achillion intends to list its stock on the Nasdaq under the symbol ACHN .
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