Enzon Pharmaceuticals board OKs modified Dutch auction tender for 4% convertibles

By Jennifer Chiou

New York, Dec. 3 - Enzon Pharmaceuticals, Inc. announced that its board authorized a modified Dutch auction tender offer for a portion of its $270.5 million of 4% convertible senior notes due 2013.

The company said it will use $100 million of its current cash for the tender.

Enzon plans to purchase a portion of the notes at prices expected to be neither greater than $750 nor less than $700 per $1,000 principal amount, plus accrued interest.

Enzon is a Bridgewater, N.J.-based biopharmaceutical company.

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