Sterling Biotech buys $90.5 million in foreign-currency convertibles

By Devika Patel

Knoxville, Tenn., Jan. 12 - Sterling Biotech Ltd. informed the Bombay Stock Exchange that it repurchased and canceled $83 million of its zero-coupon foreign-currency convertible bonds due 2012 and $7.5 million of its 0.5% foreign-currency convertibles due 2010.

Following this, there is $93.67 million of the 2010 bonds and $134.5 million of the 2012 bonds remaining outstanding.

Sterling Biotech is a Mumbai, India-based manufacturer of pharmaceutical gelatin.

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