Achillion’s collaborative deal with Janssen Pharmaceuticals (Johnson and Johnson), announced 19 May, repositions Achillion as a viable, independent concern with a high-potential Hep-C franchise, a small molecule programme targeting the complementary Factor D pathway and noteworthy research platform. The agreement lays to rest any speculation as to an outright company takeover. The deal, entailing up to $900m in milestones and a $225m equity investment, is value enhancing on our analysis, moving our valuation to $2.3bn from $1.9bn as Janssen takes on all R&D costs, paying royalties on sales from mid-teens to low twenties.