Edison Investment Research - Achillion Pharmaceuticals Inc. (ACHN) Update: From takeout to taking it on

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Edison Investment Research

Update: From takeout to taking it on

Achillionâ€™s collaborative deal with Janssen Pharmaceuticals (Johnson and Johnson), announced 19 May, repositions Achillion as a viable, independent concern with a high-potential Hep-C franchise, a small molecule programme targeting the complementary Factor D pathway and noteworthy research platform. The agreement lays to rest any speculation as to an outright company takeover. The deal, entailing up to $900m in milestones and a $225m equity investment, is value enhancing on our analysis, moving our valuation to $2.3bn from $1.9bn as Janssen takes on all R&D costs, paying royalties on sales from mid-teens to low twenties.

21/07/2015 7 EN

Underlying

Achillion Pharmaceuticals Inc.

Achillion Pharmaceuticals is a biopharmaceutical company. The company is engaged in the discovery and development of small molecule drug therapies for immune system disorders. The company is advancing orally administered small molecules from its platform that target complement factor D, an essential protein of the alternative pathway. The alternative pathway plays a role in a number of disease conditions, including therapeutic areas of nephrology, hematology, ophthalmology and neurology. Initially Co. is targeting C3 glomerulopathy, and immune complex membranoproliferative glomerulonephritis, two related rare diseases affecting the kidney, and paroxysmal nocturnal hemoglobinuria, a blood disorder.

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US00448Q2012 United States

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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