Achieve Life Sciences announced it has entered into a securities purchase agreement for a private placement that could generate up to $354 million in gross proceeds, including $180 million upfront and up to an additional $174 million tied to warrant exercises following potential regulatory milestones.
The financing was led by a group of healthcare investors, including Frazier Life Sciences, TPG Life Sciences Innovations, venBio Partners, Paradigm BioCapital Advisors, and Marshall Wace, with participation from both new and existing institutional investors.
Proceeds from the transaction will be used to support the continued development and commercialization of cytisinicline, the company’s lead therapeutic candidate for nicotine dependence. This includes funding a Phase 3 clinical trial focused on e-cigarette cessation, as well as advancing commercialization efforts and general corporate activities.
Cytisinicline is a plant-based investigational therapy designed to reduce nicotine cravings and decrease the rewarding effects of nicotine by targeting specific receptors in the brain. The company has already submitted a New Drug Application to the U.S. Food and Drug Administration for smoking cessation in adults, with a Prescription Drug User Fee Act date set for June 20, 2026.
In connection with the financing, Achieve Life Sciences announced a leadership transition, appointing Dr. Andrew D. Goldberg as Chief Executive Officer and a member of the board following the closing of the transaction. Current CEO Richard Stewart will remain on the board of directors.
The private placement is expected to close on April 17, 2026, subject to customary conditions. Morgan Stanley is acting as the sole placement agent.
The financing underscores strong investor interest in therapies targeting nicotine dependence, an area of significant unmet need given the global health impact of smoking and vaping.
