Achillion Pharmaceuticals, Inc.

Stock Symbol: 
ACHN
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating Achillion (NASDAQ:ACHN) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Achillion to Alexion.

Ademi & O’Reilly, LLP alleges Achillion’s financial outlook is improving and yet shareholders will receive only $6.30 per share, with the potential for additional consideration in the form of non-tradeable contingent value rights, which will be paid to Achillion shareholders if certain clinical and regulatory milestones are achieved within specified periods. These include $1.00 per share for the U.S. FDA approval of danicopan and $1.00 per share for ACH-5228 Phase 3 initiation..  Alexion is acquiring Achillion at a substantial discount.  The merger agreement unreasonably limits competing bids for Achillion by prohibiting solicitation of further bids, and imposing a termination penalty if Achillion accepts a superior bid. Achillion insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Achillion's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Achillion.