Biotech Values

[DewDiligence]

Achillion Pharmaceuticals Announces Closing of Underwriters' Over-Allotment Option

[Given that the IPO price was $11.50 and the stock has been hovering around $14, it was obvious the overallotment would be exercised. As noted in #msg-14457008, ACHN’s IPO left money on the table.]

http://biz.yahoo.com/prnews/061108/new038.html?.v=43

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Wednesday November 8, 4:30 pm ET

NEW HAVEN, Conn., Nov. 8 /PRNewswire-FirstCall/ -- Achillion Pharmaceuticals, Inc. (Nasdaq: ACHN ) today announced that it closed the sale of an additional 675,000 shares of its common stock in connection with the exercise of the over-allotment option granted to the underwriters of its recent initial public offering of 4,500,000 shares of common stock. Upon closing of the purchase of the over-allotment shares, a total of 5,175,000 shares of common stock have been sold, resulting in gross proceeds of $59.5 million, before commissions and expenses, and net proceeds before expenses of $55.3 million. Cowen and Company, LLC acted as the sole book-running manager, CIBC World Markets Corp. acted as co-lead manager and JMP Securities LLC was co-manager.
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