Achillion Pharmaceuticals expects to raise $41.8 million through a direct offering of its stock to investors through QVT Financial LP.
The New Haven maker of drugs that fight infectious diseases agreed to sell 6,367,853 shares of its common stock at $6.57 per share. The sale is expected to close Sept. 4.
QVT Financial is based in New York City and has a stock portfolio valued at more than $1 billion.
The direct-to-investor transaction had been filed with and approved by the Securities and Exchange Commission.