Achieve Life Sciences Raises $354M in Private Placement, Appoints New CEO
Achieve Life Sciences has secured up to $354 million through a private placement, including $180 million upfront and up to $174 million via milestone-driven warrants exercisable within 20 business days of FDA approval of cytisinicline. The round issued 49,418,069 common shares at $3.635 each and led to Andrew D. Goldberg’s appointment as CEO.
1. Private Placement Details
Achieve Life Sciences entered a securities purchase agreement to raise gross proceeds up to $354 million in a private placement, with $180 million funded upfront and additional $174 million via milestone-driven warrants. The transaction issues 49,418,069 common shares at $3.635 each and pre-funded warrants at $3.634 per unit, subject to closing on April 17, 2026.
2. Warrant Structure and Terms
Under the agreement, milestone-driven warrants allow for the purchase of up to 49,518,569 shares at $3.51 per share (or $3.509 per pre-funded warrant) exercisable within 20 business days of FDA approval of cytisinicline, or for two years following stockholder approval if share authorization is insufficient. Pre-funded warrants carry a $0.001 exercise price and have no expiration.
3. Leadership Appointment and Planned Funding Uses
Andrew D. Goldberg has been appointed CEO and board member following closing, with former CEO Richard Stewart remaining on the board. Net proceeds are earmarked to fund a Phase 3 e-cigarette cessation trial for cytisinicline, support commercialization efforts, and provide working capital and general corporate purposes.