Achillion Pharmaceuticals files for $75 million IPO

By Jennifer Chiou

New York, April 3 - Achillion Pharmaceuticals, Inc. filed for an estimated $75 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

Cowen & Co. is bookrunner, CIBC World Markets is joint lead and JMP Securities is co-manager.

The New Haven, Conn.-based biopharmaceutical company is focused on infectious diseases, including HIV and hepatitis C. Achillion is evaluating ACH-806, also known as GS 9132, for HIV-infected patients in a phase 1 trial with Gilead Sciences, Inc. The company also has ACH-702 for serious hospital-based bacterial infections.

The company's lead clinical-stage drug is elvucitabine, which is in phase 2 clinical trials for HIV infection.

IPO proceeds will be used to continue the development of elvucitabine, ACH-806 and ACH-702 as well as for research and development and general corporate purposes.

Achillion Pharmaceuticals said it had a $13.575 million operating loss on revenues of $8.526 million for 2005, compared with an operating loss of $17.460 million on revenues of $14.841 million for the same period in 2004.

Currently Atlas Venture Fund V, LP and affiliated entities are the largest shareholders with 22.11% of the equity followed by Schroder Ventures International Life Sciences Fund II LP1 funds at 19.30%, funds managed by Advent International Corp. at 12.68% and Bear Stearns Health Innoventures, LP and affiliated entities at 12.30%.

The company has applied to list its stock on the Nasdaq National Market under the symbol "ACHN."

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