Achillion underwriters exercise greenshoe, upping IPO to $59.5 million

By Angela McDaniels

Seattle, Nov. 8 - Achillion Pharmaceuticals, Inc. said the underwriters of its initial public offering of stock exercised their over-allotment option for 675,000 shares in full, raising the deal to 5.175 million shares of common stock.

The additional shares increased the offering to $59.5 million from $54.0 million

The company priced 4.5 million of the shares at $11.50 each - below talk of $14.00 to $16.00 per share - after the market close on Oct. 25.

Cowen and Co. LLC was the bookrunner, CIBC World Markets Corp. was joint lead manager and JMP Securities LLC was co-manager.

The company plans to use proceeds for drug development.

Achillion is a biopharmaceutical company based in New Haven, Conn., that develops treatments for infectious diseases. Its shares (Nasdaq: ACHN) closed at $14.12 on Wednesday.

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