Insider Selling Frenzy at Achillion (ACHN) May Put Takeover Rumors On Ice

A frenzy of insider selling on Achillion Pharmaceuticals, Inc. (Nasdaq: ACHN) after the close Wednesday may put recent takeover talk on ice.

A handful of Achillion insiders disclosed recent sales in filings with the SEC after the close.

• CEO and President Michalle Kishbauch sold 99,109 shares from 1/10-1/11 at $10.01-$12.50
  
• SVP and CFO Mary Kay Fento sold 15,000 shares from 1/9-1/10 at $9.34-$12
  
• President and CSO Milind Deshpande sold 10,625 shares on 1/09 at $9.34
  
• SVP and Chief Compliance Officer Gautam Shah sold 25,745 shares on 1/10 at $10.06-$12
  
• SVP and CMO Elizabeh Olek sold 12,468 shares on 1/10 at $10.06

All of the insider share sales were tied to options, although the options didn't expire for some time yet.

Shares of Achillion have soared 47% since Monday following this weekend's takeover of Hep C peer Inhibitex, Inc. (Nasdaq: INHX) by Bristol-Myers Squibb (NYSE: BMY) over the weekend at a 163% premium.

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