Why Achillion Pharmaceuticals Crashed 22.2% Today
After Johnson & Johnson (NYSE: JNJ) announced it's ending its agreement to develop Achillion Pharmaceuticals' (NASDAQ: ACHN) hepatitis C drugs, Achillion Pharmaceuticals shares lost 22.2% of their value today.
In 2015, Johnson & Johnson acquired the rights to Achillion Pharmaceuticals' hepatitis C drug pipeline. Johnson & Johnson agreed to pay Achillion Pharmaceuticals up to $1.1 billion in clinical, regulatory, and sales milestones, plus royalties on any eventual sales. It also acquired $225 million worth of Achillion Pharmaceuticals' stock.
IMAGE SOURCE: GETTY IMAGES.
Source: Fool.com