Neurocrine to repurchase $83 million 2.25% convertible notes due 2024

By Cady Vishniac

Detroit, Nov. 19 – Neurocrine Biosciences, Inc. has agreed to repurchase approximately $83 million in principal amount of its 2.25% convertible senior notes due 2024 based on private negotiations with its noteholders, according to a company press release.

The price for the notes will be the sum of approximately $110 million, calculated using the company’s Wednesday closing stock price of $86.91 per share, and an amount based in part on the daily volume-weighted average prices per share of the company's stock during a five-trading day pricing period following execution of the agreements to purchase, plus interest.

The repurchase is expected to close Dec. 2.

Neurocrine is a San Diego-based biotechnology company focused on neurologic, psychiatric and endocrine related disorders.

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