By Chris Wack

Shares of Achillion Pharmaceuticals (ACHN) jumped 84%, to $6.72, after Alexion Pharmaceuticals Inc. (ALXN) offered to buy the company 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.

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.

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

(END) Dow Jones Newswires

October 16, 2019 08:13 ET (12:13 GMT)

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