Abgenix to retire some 2007 convertibles with $150 million convertible sale proceeds

By Caroline Salls

Pittsburgh, Dec. 14 - Abgenix Inc. said it will retire a portion of its outstanding convertible subordinated notes due March 15, 2007 using proceeds from its sale of $150 million of convertible senior notes due 2011.

Proceeds will also be used for research and development, capital expenditures, working capital and other corporate purposes.

Abgenix is a Fremont, Calif.-based biopharmaceuticals company.

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