The early backer of companies such as Achillion Pharmaceuticals (ACHN) and Intercept Pharmaceuticals (ICPT) closed a new $500 million fund, the latest sign that biotech venture-capital investing is on course for a record year. Clarus Ventures’ new fund, announced Tuesday, will focus on opthalmology, oncology and rare diseases. It follows funding raises this year of $537 million for Flagship Ventures, $400 million for MPM Capital
Analysts gave mixed reviews Wednesday to Achillion Pharmaceuticals’ (ACHN) new partnership with Johnson & Johnson (JNJ), as the stock plunged. UBS and JMP Securities both downgraded the stock to neutral as the potential for a massive value-creating event, like a buyout, is limited by the hepatitis-C drug deal. As recently as Monday, Achillion Pharmaceuticals shares shot up 15.3% on buzz that hepatitis-C giant Gilead Sciences (GILD) might buy the
Small biotech Achillion Pharmaceuticals (ACHN) announced late Tuesday that it had entered a collaboration with Johnson & Johnson (JNJ) to develop its hepatitis C drugs, potentially worth more than $1 billion. J&J agreed to invest $225 million in Achillion upfront, and promised up to $1.1 billion in development, regulatory and sales milestone payments if the companies successfully launch their pipeline of drugs treating the hepatitis C virus (HCV).