Theravance lowers conversion price of convertible notes due 2023

By Angela McDaniels

Tacoma, Wash., July 1 – Theravance, Inc. adjusted the conversion rate of its convertible promissory notes due 2023 to 49.6963 shares of the company’s common stock per $1,000 principal amount from 48.9758 shares per $1,000 principal amount, according to an 8-K filing with the Securities and Exchange Commission.

The adjusted conversion price is $20.1222 per share. The company’s stock closed at $17.42 (Nasdaq: THRX) on Wednesday.

The adjustment was made in connection with a cash dividend of $0.25 per share paid on June 30 to stockholders of record as of the close of business on June 12.

Theravance is a South San Francisco, Calif.-based biopharmaceutical company.

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