Nektar Therapeutics to buy back convertibles with new offering proceeds

By Jennifer Chiou

New York, Sept. 21 - Nektar Therapeutics said it intends use the partial proceeds of a $200 million offering of convertible subordinated notes due 2012 to repurchase some of its existing convertible subordinated notes.

The new offering of notes, which will be convertible into Nektar shares, will have a $30 million greenshoe.

The San Carlos, Calif., company said it may buy back its outstanding convertibles in privately negotiated transactions.

Remaining proceeds will go towards general corporate purposes, including investing in or furthering product development programs, undertaking potential acquisitions and developing technologies.

Nektar develops drug-delivery technologies for biotechnology and pharmaceutical companies.

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