Priceline active; FXCM better despite lower shares; Array BioPharma surges on drug deal

By Rebecca Melvin

New York, Jan. 23 – Priceline Group Inc.’s convertibles were moving in line with their underlying shares in active trade on Friday, market sources said.

The Priceline 0.9% paper traded at about 93.5, which was down from 94, with shares down about $10.00, or 1%, at $1,039.77, a New York-based sellsider said.

There was chatter about consolidation in the online travel agency space and news that Expedia has bought Travelocity for $280 million in cash from Sabre Corp.

Priceline accounted for a big chunk of total volume traded in convertibles, according to Trace data, a New York-based trader said.

FXCM Inc. continued to trade actively, which has been the case all week, and those bonds were seen at about 64 at the end of the session despite a 24% drop in shares to $2.37.

To the upside on Friday was Array BioPharma Inc. The Boulder, Colo.-based-biopharmaceutical company announced that it has inked an agreement to acquire a late-stage cancer drug from Swiss pharmaceutical giant Novartis that is in late-stage clinical trials for use as a skin cancer treatment.

“Acquiring worldwide rights to encorafenib, an innovative late-stage oncology product, represents a tremendous opportunity for Array,” chief executive officer Ron Squarer said in a release.

Array’s convertibles traded last at 119 and were up from about 95 previously. But the bonds were indicated higher at 120.6 by one market source. Shares surged $2.06, or 41%, to $7.11.

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