Alkermes greenshoe exercised, raising convertibles to $125 million

New York, Sept. 8 - Alkermes, Inc. said underwriters of its recent offering of convertible subordinated notes due 2023 exercised the $25 million over-allotment option in full, raising the size of the deal to $125 million.

The Cambridge, Mass. pharmaceutical company originally sold $100 million of the securities after the market closed on Aug. 18 to yield 2.5% with a 10% initial conversion premium.

USBancorp Piper Jaffray was the lead manager of the Rule 144A deal.

Alkermes will use proceeds for research, development and clinical trial activities, manufacturing facilities and equipment, potential acquisitions - although none are currently contemplated - working capital and general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.