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Morning Commentary: Medicines convertibles higher in active trade; Depomed deflects Horizon offer
By Rebecca Melvin
New York, July 7 – The Medicines Co.’s convertibles remained in focus early Tuesday, trading firm to higher in active trade in a continuation of action seen on Monday.
The Medicines newer 2.5% convertibles due 2022 looked to be up more than 3 points to 118, according to Trace data.
The older Medicines 1.375% convertibles due 2017 moved up a couple of points to 128.
Shares of the Parsippany, N.J.-based health care company were trending higher in active trade and last seen up fractionally at close to $33.00 per share.
Medicines had been trading on Monday as well on a good stock move. The bonds had traded in slightly on Monday and were firm to better on Tuesday.
The big mover in the health care space was Depomed Inc. on M&A news. The company rejected a hostile takeover bid from Horizon Pharma plc in an offer that represented a 42% premium over Depomed’s closing share price on Monday.
Depomed shares were up 36% early Tuesday. The bonds were seen at 155.125 bid, 156.125 offered last with the shares at about $27.00, a trader said.
Horizon is also a convertibles issuer. It priced $400 million of 2.5% convertibles in early March. Horizon shares were down about 5%, but the convertibles were not heard in trade.
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