By Chris Wack

Alexion Pharmaceuticals Inc. (ALXN) said Wednesday it was buying Achillion Pharmaceuticals Inc. (ACHN) for an initial consideration of $930 million, or $6.30 a share of Achillion common stock.

The companies said as part of the acquisition, Alexion will also be acquiring the cash currently on Achillion's balance sheet. As of Sept. 30, this was about $230 million.

Alexion said the deal includes 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 a share for the U.S. FDA approval of danicopan and $1.00 a share for ACH-5228 Phase 3 initiation.

Alexion said the deal will be funded with cash on hand. The transaction is expected to close in the first half of 2020.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 16, 2019 07:09 ET (11:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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