Here's Why Achillion Pharmaceuticals Is Soaring 19.5% Today

Here's Why Achillion Pharmaceuticals Is Soaring 19.5% Today

After Achillion Pharmaceuticals (NASDAQ: ACHN) priced its shares that Johnson & Johnson (NYSE: JNJ) is selling at $2.75 each, the company is rallying back 19.5% as of 3:15 p.m. EST.

Johnson & Johnson walked away from a licensing deal with Achillion Pharmaceuticals and its hepatitis C drug pipeline earlier this year, leading to speculation that J&J would unload the $225 million worth of Achillion Pharmaceuticals stock it acquired in 2015.

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Source: Fool.com