CuraGen buys back $50.9 million of 4% convertibles

By Angela McDaniels

Tacoma, Wash., May 14 - CuraGen Corp. repurchased and retired $50.9 million of its 4% convertible subordinated notes due 2011 in a series of privately negotiated transactions, according to a company news release.

The company said it spent $43.2 million on the repurchases, reflecting a total discount of 15.1% below par.

The repurchases left $19 million of the notes outstanding and will result in interest savings of about $5.6 million.

CuraGen is a Branford, Conn.-based biopharmaceutical company developing approaches for the treatment of cancer.

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