Pharma BD Deal Intelligence
A rare-disease bet that paid off: Alexion's ~$930M cash deal for Achillion delivered danicopan, later approved as Voydeya in March 2024 for PNH — though Alexion itself had already been swallowed by AstraZeneca by then.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Analysts flagged FTC scrutiny risk given the overlap between Alexion's complement franchise and Achillion's pipeline, but viewed the oral Factor D mechanism as…
The acquisition expands Alexion's rare-disease portfolio with first-generation oral Factor D danicopan plus a next-gen follow-on, addressing residual…
FDA approved Voydeya (danicopan) as an add-on to ravulizumab or eculizumab for adults with PNH and clinically significant extravascular hemolysis, validating…
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Alexion acquired Achillion for $6.30 per share (~$930M initial cash consideration) plus non-tradeable CVRs of up to $2.00 per share — $1.00 on FDA approval of danicopan and $1.00 on ACH-5228 (danicopan follow-on) Phase 3 initiation (~$300M maximum). The deal added Achillion's oral Factor D inhibitor portfolio targeting complement-mediated rare diseases (PNH, C3 glomerulopathy) and closed January 28, 2020. The thesis was validated: the FDA approved the lead asset, danicopan (Voydeya), on March 29, 2024 as an add-on to ravulizumab or eculizumab for clinically significant extravascular hemolysis in adults with PNH. By then Alexion had itself been acquired by AstraZeneca (completed July 21, 2021), so Voydeya commercialized under AstraZeneca's Alexion Rare Disease unit.
Assessment window: 5yr post-close.
$4.2B Soliris global revenue 2024 (proxy for PNH/aHUS market)
Paroxysmal nocturnal hemoglobinuria is a rare, acquired, life-threatening hematologic disorder caused by clonal expansion of PIGA-mutant hematopoietic stem cells, leading to complement-mediated red blood cell destruction, thrombosis, and bone marrow failure. It typically affects adults aged 30-40. Untreated, median survival is ~10-15 years; treatment burden on existing IV C5 inhibitors and residual extravascular hemolysis remain key unmet needs.
PNH was historically dominated by Alexion's own Soliris (eculizumab, IV C5 inhibitor, ~$4B+ peak) and its longer-acting follow-on Ultomiris (ravulizumab). Achillion's danicopan (oral Factor D inhibitor) offered Alexion two strategic levers: (1) a defensive oral option as anti-C5 biosimilars approached (Bkemv and Epysqli later launched in 2024) and (2) an add-on for the 10-20% of C5-treated patients with persistent extravascular hemolysis (EVH). The acquisition also brought ACH-5228 (later vemircopan) as a Phase 3-ready next-gen Factor D inhibitor. Competition intensified post-deal: Apellis launched Empaveli (pegcetacoplan, C3 inhibitor) in 2021, demonstrating superiority to Soliris on hemoglobin in PEGASUS, and Novartis advanced iptacopan (Fabhalta, oral Factor B inhibitor, approved 2023). Danicopan was ultimately approved in April 2024 as Voydeya, a first-in-class oral Factor D add-on for EVH, validating the original deal thesis. See https://www.biopharmadive.com/news/alexion-buys-achillion-spurring-concerns-about-ftc/565146/ for FTC overlap concerns at deal time.
AstraZeneca completed its ~$39B acquisition of Alexion on 21 July 2021, folding the Achillion-derived oral Factor D portfolio into AstraZeneca's Alexion Rare Disease unit.
FDA approved Voydeya (danicopan), the lead asset acquired from Achillion, on March 29, 2024 as add-on therapy to ravulizumab or eculizumab for clinically significant extravascular hemolysis in adults with PNH (NDA 218037, Phase 3 ALPHA). The approval triggered the danicopan CVR milestone from the 2019 deal.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Alexion Pharmaceuticals Inc. / Achillion Pharmaceuticals, Inc. (this deal) | 2019 | $1.2B | — |
| Alexion Pharmaceuticals Inc. / Synageva BioPharma | 2015 | $8.4B | 36 |
| Alexion Pharmaceuticals Inc. / Wilson Therapeutics AB | 2018 | $855M | 20 |
| Alexion Pharmaceuticals Inc. / Syntimmune, Inc. | 2018 | $1.2B | 14 |
| Alexion Pharmaceuticals Inc. / Portola Pharmaceuticals, Inc. | 2020 | $1.4B | — |
| Horizon Pharma plc / Crealta Holdings LLC | 2015 | $510M | 87 |
| Novartis AG / Chinook Therapeutics Inc. | 2023 | $3.5B | 78 |
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