Achieve Life Sciences Inc. (ACHV) on Thursday said it has entered into a securities purchase agreement for a private placement that could raise up to about $354 million in gross proceeds, and appointed Andrew D. Goldberg as Chief Executive Officer, effective upon closing.
Achieve Life Sciences intends to use the proceeds to fund a Phase 3 trial for cytisinicline proposed for e-cigarette cessation, support commercialization efforts and for working capital and general corporate purposes.
The financing includes an upfront investment of approximately $180 million, with up to an additional $174 million tied to the exercise of milestone-based warrants.
The private placement is led by investors including Frazier Life Sciences, TPG Life Sciences Innovations, venBio Partners, Paradigm BioCapital Advisors and Marshall Wace, alongside participation from several new and existing investors.
The company said it will issue about 49.4 million shares at $3.635 per share, along with accompanying warrants.
Achieve Life Sciences added that current CEO Richard Stewart will remain on the company's board.
The transaction is expected to close on April 17, 2026.
Shares rose more than 16% in pre-market trading. The stock closed at $3.55 on Wednesday, down 1.66%.
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