J&J invests in Achillion and signs global hepatitis C pact
US drugmaker Achillion Pharmaceuticals (Nasdaq: ACHN) has entered into a worldwide license and collaboration arrangement with Janssen Pharmaceuticals, a subsidiary of US health care giant Johnson & Johnson (NYSE: JNJ), to develop and commercialize one or more of Achillion's lead hepatitis C virus (HCV) assets which include ACH-3102, ACH-3422, and sovaprevir.
Additionally, in an equity transaction separate to the exclusive license and collaboration arrangement, Johnson & Johnson Innovation – JJDC will invest $225 million in Achillion and, in return, receive around 18.4 million newly issued, unregistered shares of Achillion at a price of $12.25 per share.
The news comes just after Achillion’s shares rocketed more than 15% on Monday, due to, albeit discounted, rumors that hepatitis drug behemoth Gilead Sciences was in takeover talks with the company, but Achillion stock closed down 4% to $10.20, while Johnson & Johnson’s edged up 0.5% to $103.96 in late trading.
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