EDISON EQUITY RESEARCH - ACHILLION PHARMACEUTICALS
July 21 2015 - 1:11PM
InvestorsHub NewsWire
EDISON EQUITY RESEARCH: ACHILLION PHARMACEUTICALS - FROM
TAKEOUT TO TAKING IT ON
Achillion’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.
Achillion is a biopharmaceutical company engaged in the discovery
and development of treatments for chronic hepatitis C virus (HCV)
and other therapeutic areas. The company is collaborating with
Janssen Pharmaceuticals (J&J) to develop and commercialise its
Hep-C franchise including NS5A inhibitor ACH-3422, a novel
nucleotide NS5B polymerase inhibitor, ACH-3102, and NS3/4A protease
inhibitor, sovaprevir.
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