Amylin Pharmaceuticals $150 million convertibles talked to yield 1.25-1.75%, up 40-45%

By Ronda Fears

Nashville, June 16 - Amylin Pharmaceuticals Inc. launched $150 million of five-year convertibles talked to yield 1.25% to 1.75% with a 40% to 45% initial conversion premium.

Goldman Sachs & Co. is a lead manager of the Rule 144A deal, which is scheduled to price after the market close Tuesday.

The senior notes will be non-callable for three years, then with a 140% hurdle. There is a make-whole provision for coupon payments if the issue is called early.

The San Diego-based biotech firm said proceeds would be used for research and development, the planned commercialization of Symlin - a diabetes treatment - pending regulatory approvals, and general corporate purposes, including the potential repayment of all or part of its debt to Johnson & Johnson.

The firm said it also may use a portion of proceeds to acquire or invest in complementary businesses, products and technologies, although it currently has no specific plans.

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