Abgenix greenshoe exercised, raising convertibles to $300 million

New York, Dec. 22 - Abgenix Inc. said the underwriters of its recent offering of seven-year convertible senior notes exercised the $75 million over-allotment option in full, raising the size of the deal to $300 million.

The Fremont, Calif.-based biotech firm originally sold $225 million of the securities after the market closed on Dec. 15 to yield 1.75% with a 30% initial conversion premium.

Goldman Sachs & Co. was bookrunner for the deal.

Part of the proceeds will be used to retire some of the company's 3.5% convertible notes due 2007 with the remainder going to research and development, capital expenditures, working capital and other corporate purposes.

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