Achillion (ACHN) investors got a huge piece of bad news on Monday evening, when this biotech virology specialist announced that its lead protease inhibitor for hepatitis C (HCV), sovaprevir, has been placed on clinical hold by the FDA after troubling safety data. With the stock down sharply in after-hours trading, this is clearly a major near-term problem for the company and the stock, and it definitely raises troubling questions about the safety profile of this drug.
While I do not believe this development devastates the long-term potential of the drug in HCV treatment, it most likely freezes any possibility of an acquisition and it is almost certainly going to appear as an issue if/when the company files for FDA approval.
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