Isis Pharmaceuticals redeems all $162.5 million convertibles due 2027

By Tali David

Minneapolis, Sept. 13 - Isis Pharmaceuticals, Inc. completed the redemption of all $162.5 million of its outstanding 2.625% convertible subordinated notes due 2027, according to a press release.

The redemption was funded with the company's August issuance of $201.25 million convertibles due 2019.

"We are pleased to have successfully completed the offering of our 2.625% convertible senior notes at terms that reflect the favorable market conditions for convertible debt and the recent positive trend in Isis' stock performance. The proceeds from the newer offering allowed us to settle the entire $162.5 million 2.625% convertible subordinated notes in cash and without diluting current shareholders," Isis chief operating officer and chief financial officer B. Lynne Parshall said in the release.

Isis is a Carlsbad, Calif.-based drug maker focused on cardiovascular, metabolic, inflammatory and ocular diseases and cancer.

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