CV Therapeutics plans to buy back up to $79.6 million 4.75% convertibles with new deal proceeds

By Jennifer Chiou

New York, June 22 - CV Therapeutics, Inc. said it plans to buy back some or all of its $79.6 million of 4.75% convertible subordinated notes due 2007 with a portion of the proceeds from the sale of stock and new convertibles.

The Palo Alto, Calif.-based pharmaceutical company intends to sell 6 million common shares and $100 million convertible senior subordinated notes due 2013 in a public offering.

The stock sale gives underwriters a 30-day option to purchase up to 900,000 more shares and the notes has a $12.5 million greenshoe.

Proceeds from the convertibles will also be used to fund an escrow account for the first six scheduled interest payments on the notes.

Other funds will go towards general corporate purposes, including funding research, development and product manufacturing, product development, including preclinical and clinical trials, and preparation and filing of new drug applications and other marketing approval applications.

CV Therapeutics specializes in cardiovascular disease.

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