Cubist buys back $50 million of 2.25% convertibles

By Jennifer Chiou

New York, Feb. 7 - Cubist Pharmaceuticals, Inc. announced the repurchase of $50 million original principal amount of its 2.25% convertible subordinated notes due June 15, 2013.

The Lexington, Mass., biopharmaceutical company paid a weighted average price of 93.69.

Cubist said it paid $46.8 million on the repurchases plus accrued interest of $0.2 million, funding the repurchase out of its working capital.

Following these repurchases, $300 million, or 85.71%, of the notes remains outstanding.

Cubist said that the repurchases will reduce its dilutive potential shares of common stock outstanding by 1,624,905 shares.

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