Morning Commentary: Impax extends gains, trading at 97.375; Immune Pharma prices units

By Rebecca Melvin

New York, Oct. 19 – Impax Laboratories Inc.’s convertibles continued to be the premier issue in U.S. convertibles early Thursday, moving up for a third straight day and getting closer to par after news that it is merging with Amneal Pharmaceuticals LLC.

The Impax 2% convertibles due 2022 were last at 97.375, which was up 0.875 point from late Wednesday. The issue continued to be the most actively traded convertible bond, according to Trace data.

The primary market remained muted, but Tarrytown, N.Y.-based Immune Pharmaceuticals Inc. priced $18 million of units of preferred stock and warrants, according to a news release.

Immune Pharmaceuticals’ common shares fell 39% in early trading to under $1.00.

The $1,000 par Immune Pharmaceuticals units are made up of one share of series E convertible preferred stock and 982 warrants, each of which entitles the holder to purchase one share of Immune’s common stock.

The warrants are initially exercisable at a price of $1.10 per share and expire seven years from the date of issuance.

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