Overview/Thesis:
Over this past week, Amgen (AMGN) was rumored to be interested in buying out Alexion (ALXN), the biotech leader in developing treatments for diseases of the complement system, for over $40 billion. Ignored in the hubbub over that rumor was the fact that there simultaneously exists a company trading for less than 1/100th of that proposed buy-out valuation advancing a compound that could ultimately supplant Alexion’s flagship therapies Soliris and its successor Ultomiris. That company is Achillion (ACHN). You have not heard of it because it