Achillion shareholders approve $930M Alexion takeover

Photo | Contributed Alexion Pharmaceuticals' research facility at 100 College St. in New Haven.

Write a Comment

By Natalie Missakian

Shareholders of Achillion Pharmaceuticals have overwhelmingly approved the company’s takeover by fellow New Haven-born drug maker Alexion Pharmaceuticals for $930 million.

Achillion said approximately 99 percent of shareholders voted in favor of the deal during a special meeting Thursday morning.

Alexion will pay $6.30 a share for Achillion stock in the all-cash deal, first announced in October. Shareholders may earn up to an additional $2 per share if Achillion meets certain milestones.

Achillion has been developing its lead drug danicopan as a companion to Alexion’s blockbuster Soliris to treat paroxysmal nocturnal hemoglobinuria, a rare, life-threatening blood disease.

Under the terms of the deal, Alexion will pay Achillion shareholders an additional $1 per share if that drug wins U.S. Food & Drug Administration approval.

“Today’s results represent an important milestone in completing our transaction with Alexion and becoming better positioned to more quickly bring new, innovative and life-changing drugs to market,” said Achillion CEO Joe Truitt in a statement.

Founded in 1992 and 1998, respectively, Alexion and Achillion are two of New Haven’s oldest bioscience firms. Both recently moved their headquarters out of New Haven but maintain a large research presence here.

The deal is expected to close during the first half of 2020, pending regulatory approval.

Achillion’s stock was trading at $6.18 as of mid-morning Thursday, unchanged from the previous day’s close. Alexion's stock was trading at $111.44, up from $109.20 when markets closed Wednesday.