Vertex exchanges notes for company stock

By Mass High Tech staff

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Holders of Vertex Pharmaceuticals Inc.’s 2013 convertible senior subordinated notes have agreed to trade about $109 million worth for about 4.8 million shares of Vertex common stock — about 140,000 shares more than the number of shares promised via the notes, the company announced today.

The exchange would leave Vertex (VRTX) with about 186 million shares of common stock and about $35 million in 4.75 percent convertible senior subordinated notes outstanding.

Last month, Vertex said its third quarter loss widened amid increased costs and hiring stemming from the anticipated launch of its drug target for hepatitis C next year.

The Cambridge biotechnology firm 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.

For 2008 Vertex lost $459 million on revenue of $175 million.

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