Oscient greenshoe exercised, raising convertibles to $143.75 million

New York, May 25 - Oscient Pharmaceuticals Corp. said the underwriters of its recent offering of convertibles senior notes due 2011 exercised the $18.75 million over-allotment option in full, raising the size of the deal to $143.75 million.

The Waltham, Mass. pharmaceutical company originally priced $125 million of the securities after the market closed on May 4 to yield 3.5% with a 35% initial conversion premium.

J.P. Morgan Securities and Merrill Lynch & Co. were joint bookrunners for the Rule 144A deal.

Oscient will use proceeds to support the launch of its Factive tablets this summer, to accelerate development for the tablets and an intravenous form of the drug and Ramoplanin, to pursue additional in-licensing opportunities and for general corporate purposes.

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