NEW HAVEN — Achillion Pharmaceuticals Inc. (NASDAQ: ACHN), which is engaged in the discovery and development of treatments for infectious diseases, has raised $22.9 million from the sale of additional shares of its common stock.
The company also announced earlier this month that it had executed a deal to develop and sell its hepatitis B virus and HIV drug, elvucitabine, in China, Hong Kong and Taiwan.
Achillion announced last month its plan for a public offering of 10,275,000 shares of its common stock at $2.08 per share. The company also granted to the underwriters an option to acquire up to an additional 1,541,250 shares to cover overallotments in connection with the offering. The net proceeds of the offering will be used for general corporate purposes.
On February 1, Achillion announced the execution of a license agreement for elvucitabine with GCA Therapeutics Ltd. (GCAT) of Jersey City, N.J. The license grants GCAT the right, through its Chinese joint venture with Tianjing Institute of Pharmaceutical Research, to clinically develop and commercialize elvucitabine in mainland China, Hong Kong and Taiwan. Currently in Phase 2 clinical trials, elvucitabine has demonstrated to be safe and well tolerated and to be efficacious in both HBV and HIV infected patients.
Under the terms of the agreement, GCAT, through a sublicense agreement with its Chinese joint venture, will assume all development and regulatory responsibility and associated costs for elvucitabine, and Achillion will be eligible to receive development milestones and double-digit royalties on net sales in those markets.
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