Human Genome Sciences buys back $106.2 million of its 2.25% convertibles due 2011, 2012

By Devika Patel

Knoxville, Tenn., Feb. 26 - Human Genome Sciences Inc. said it has repurchased $106.2 million of its convertible debt for $50 million in cash.

The repurchase includes $82.9 million of the company's 2.25% convertible subordinated notes due 2011 and $23.3 million of its 2.25% convertible subordinated notes due 2012.

"We are pleased that we were able to capitalize on an opportunity to further strengthen our balance sheet by reducing our debt at reasonable prices," senior vice president and chief financial officer Tim Barabe said in a press release. "Our cash position remains strong and is sufficient to take us through the availability of phase 3 data and the filing of marketing applications for our lead products, while also funding development of our product pipeline."

Human Genome Sciences is a Rockville, Md., biopharmaceutical company.

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