Horizon Pharma contracts as shares drop; Priceline adds in line; Newmont expands slightly

By Rebecca Melvin

New York, Feb. 29 – U.S. convertibles ended the month on a generally trendless note on Monday but with a couple of big movers to the downside in the health care space.

Horizon Pharma plc fell on an outright basis and contracted on swap after the Irish pharmaceutical company disclosed in filed financial statements that it received a subpoena in November requesting information about its patient assistance programs and other aspects of its marketing and commercialization activities, a trader said.

Endo Pharmaceuticals plc’s 1.5% convertible senior notes due 2018, of which there are hardly any left outstanding, looked to have slid by an even greater magnitude as shares dropped 21% after the Dublin-based pharmaceutical company said it will close its women’s health division.

Elsewhere, many of the larger, liquid names in trade in U.S. convertibles on Monday were in line with their underlying shares, or flat on a dollar-neutral basis. Priceline Group Inc.’s convertibles were among the more actively traded issues and they were a bit higher on an outright basis along with shares of the Norwalk, Conn.-based internet travel company’s stock, but flat on a swap basis.

Priceline’s 1% convertibles due 2018 traded up 1.5 points to 141.8, and the Priceline 0.35% convertibles due 2020 were up 0.7 point at 120.8, according to Trace data, when shares were about $1,278.21, which was up $24.00, or 1.9%.

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