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8/30/2012 7:42 PM ET

Achillion Pharmaceuticals, Inc. (ACHN: Quote) said Thursday that it has entered into a definitive agreement with funds managed by QVT Financial LP for the sale of about 6.37 million shares of its common stock.

The investors have agreed to purchase the shares of common stock at a price of $6.57 per share, resulting in gross proceeds to Achillion, before deducting estimated offering expenses, of about $41.8 million.

The sale and issuance of the shares is expected to close on or about September 4.

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