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Johnson & Johnson has announced that it is to back out of a $1.1 billion deal with Achillion Pharmaceuticals to develop the firm’s hepatitis C drug pipeline. The news sent Achillion’s stock reeling, wiping away 22.2% of its value.
The deal was originally made back in 2015, where J&J agreed to pay Achillion clinical, regulatory and sales milestones, in addition to royalties. In addition to this, J&J also acquired $225 million of Achillion’s stock as part of the partnership.NEXT ARTICLE
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