Orexigen Therapeutics greenshoe lifts convertible sale to $115 million

By Tali David

Minneapolis, Dec. 6 - Underwriters for Orexigen Therapeutics, Inc.'s offering of convertible senior notes due Dec. 1, 2020 exercised their over-allotment option in full, adding an additional $15 million, according to a press release.

The company priced $100 million of the seven-year convertibles on Dec. 2. The over-allotment option brings the total issuance to $115 million.

As previously reported, the deal was brought by joint bookrunners BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Leerink Swann.

Proceeds will be used for working capital and other general corporate purposes. A portion of the proceeds may also be used to acquire new businesses or products.

San Diego-based Orexigen is a biopharmaceutical company focused on development of treatments of obesity.

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