Achillion Pharma Finds $50.1M

Ryan McBride8/18/10

Achillion Pharmaceuticals (NASDAQ:ACHN), a New Haven, CT-based developer of infectious disease drugs, said today it expects to raise $50.1 million in a private sale of the firm’s common stock and warrants. The investors in the private placement include Domain Associates, Clarus Ventures, Quaker BioVentures, and Pappas Ventures, according to Achillion. The company plans to use the funding to advance its pipeline of drugs against hepatitis C virus, including its protease inhibitor for the chronic liver-damaging disease that is expected to enter Phase II clinical trials next month. The private placement deal is expected to close on August 20, according to the company.