Achieve Life Sciences Announces $354 Million Private Placement

Funding to Support Phase 3 Trials and Commercialization of Smoking Cessation Drug Cytisinicline

Apr. 17, 2026 at 1:50am

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An extreme close-up of intricate, industrial-looking financial machinery and components, conveying the complex infrastructure and security of the banking system.This private placement represents a major investment in Achieve Life Sciences' efforts to develop and commercialize a new treatment for nicotine dependence.Seattle Today

Achieve Life Sciences, a late-stage pharmaceutical company, has announced a $354 million private placement led by major healthcare investors. The funding will support Phase 3 trials and commercialization of cytisinicline, the company's investigational treatment for nicotine dependence and smoking cessation.

Why it matters

This significant private placement will provide Achieve Life Sciences with the resources to advance cytisinicline through late-stage development and prepare for potential commercialization. As a novel treatment for both combustible cigarette and e-cigarette cessation, cytisinicline could help address the critical public health need for effective smoking and vaping cessation therapies.

The details

The private placement includes an initial $180 million in upfront funding, with an additional $174 million available through the exercise of milestone-driven warrants. The funding will be used to conduct a Phase 3 trial for cytisinicline's use in e-cigarette cessation, as well as to support the commercialization of the drug and for general corporate purposes. As part of the transaction, Achieve Life Sciences has appointed Andrew D. Goldberg, MD, a dual board-certified physician with expertise in healthcare investment and clinical medicine, as the company's new CEO.

  • The private placement is expected to close on April 17, 2026.
  • Achieve Life Sciences submitted a New Drug Application for cytisinicline to the FDA in June 2025, which has been accepted for review with a PDUFA date of June 20, 2026.

The players

Achieve Life Sciences, Inc.

A late-stage specialty pharmaceutical company focused on the development and commercialization of cytisinicline as a treatment for nicotine dependence.

Frazier Life Sciences

A leading healthcare investor that co-led the private placement.

TPG Life Sciences Innovations

A healthcare investment firm that co-led the private placement.

Andrew D. Goldberg, MD

The newly appointed CEO of Achieve Life Sciences, bringing deep expertise in healthcare investment and clinical medicine.

Richard Stewart

The current President and CEO of Achieve Life Sciences, who will continue to serve on the company's board of directors.

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What they’re saying

“This significant private placement will provide Achieve Life Sciences with the resources to advance cytisinicline through late-stage development and prepare for potential commercialization.”

— Andrew D. Goldberg, MD, Chief Executive Officer, Achieve Life Sciences

What’s next

Achieve Life Sciences expects the private placement to close on April 17, 2026, subject to the satisfaction of customary closing conditions. The company also plans to file a registration statement to register the resale of the securities within 30 days of the closing.

The takeaway

This private placement represents a major investment in Achieve Life Sciences' efforts to develop and commercialize cytisinicline, a potentially groundbreaking treatment for both combustible cigarette and e-cigarette cessation. The funding will enable the company to advance cytisinicline through late-stage trials and prepare for its potential launch, addressing a critical public health need.