Achllion nets $29.5mm privately

Achillion Pharmaceuticals (infectious disease therapeutics) netted $29.5mm through the sale of 10.71mm units at $2.90 (a 5% premium) to ProQuest Investments (lead), Clarus Ventures, and Investor Growth Capital. Each unit consists of one common share and a warrant to buy 0.25 shares. The seven-year warrants represent the right to acquire 2.68mm common shares at $3.53 apiece. The investors also have an option to buy another 3.68mm units exercisable at $2.82 between February and August of 2009. Achillion will use the funds to move its preclinical hepatitis C compounds ACH1625 and ACH1095 into human trials. Lazard Freres was the placement agent.