Vertex to issue stock in exchange for $109 million 4.75% convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 10 - Vertex Pharmaceuticals Inc. said that holders of $109 million principal amount of its 4.75% convertible senior subordinated notes due 2013 have agreed to exchange their notes and accrued interest for common stock.

The holders will receive about 4.8 million shares, which is roughly 140,000 shares more than the number of shares into which the notes were convertible under their original terms.

Vertex expects the exchanges to be completed by the close of business on Nov. 13, according to a company news release.

Once the exchanges are completed, $35 million principal amount of the convertibles will remain outstanding.

Vertex is a biotechnology company based in Cambridge, Mass.

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