OSI Pharmaceuticals launches $135 million convertible

Nashville, Sept. 2 - OSI Pharmaceuticals Inc. launched $135 million of 20-year convertible notes in the Rule 144A market late Tuesday.

The Melville, N.Y. biotechnology company said it intends to use up to $20 million of proceeds to repurchase outstanding shares concurrently with the offering of the notes.

Remaining proceeds will be used to support the continued development of its integrated oncology franchise, including possible acquisitions and for general corporate purposes.

There is a $15 million greenshoe available.

OSI's 4% convertible due 2009 was quoted Tuesday down 0.125 point to 105.5 bid, 106.5 offered with the stock ending off 12c, or 0.32%, to $37.89.

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