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Print Edition StoriesMonday, June 8, 2009
Vertex to convert $103M in senior notes to stock
By Mass High Tech staff
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Vertex Pharmaceuticals Inc. has announced an exchange of its convertible senior notes’ principal for shares of company common stock.
The Cambridge-based biotech firm said it would exchange about $103.3 million in principal on the company’s 4.75 percent convertible senior subordinate notes due 2013 for about 4.8 million shares of Vertex stock. The original terms of the convertible stock shares numbered about 287,000 fewer than the current 4.8 million convertible shares of stock.
The exchange will reduce the principal of the senior notes to $184.2 million with 178 million shares of outstanding common stock.
Vertex (Nasdaq: VRTX) focuses on making small molecule drugs for viral diseases, cystic fibrosis, inflammation, autoimmune diseases, cancer and pain relief. It does so by selling products both independently and in collaboration with pharmaceutical companies.
In March, Vertex finalized its $100 million buyout of ViroChem Pharma Inc., a privately held company in Laval, Quebec, that will give Vertex access to ViroChem’s hepatitis C virus drug research. The acquisition called for Vertex to pay $100 million in cash and 10.7 million shares of common stock.
Vertex founder, president, CEO and chairman Joshua Boger announced his retirement, which was scheduled to begin May 24.
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