Achillion Pharmaceuticals, Inc. (ACHN) said Friday that it has priced an underwritten public offering of 15 million shares of its common stock at a price to the public of $8.40 per share.
The net proceeds to Achillion from the sale of the shares, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be about $118.5 million.
The offering is expected to close on February 27.
The company has granted the underwriters a 30-day option to purchase up to an additional 2.25 million shares of its common stock.
The expected net proceeds of about $118.5 million to Achillion do not include any net proceeds that the company would receive if the underwriters exercise such option.
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