Vertex Pharmaceuticals calls 5.75% convertibles due 2011

By Laura Lutz

Washington, Feb. 2 - Vertex Pharmaceuticals Inc. announced that it will redeem all of its 5.75% convertible senior subordinated notes due 2011 on March 5.

There is $59.6 million principal amount of the notes outstanding.

Because Vertex's stock is trading above the conversion price of $14.94, the company expects that holders will choose to convert their notes ahead of the redemption.

The company's stock dropped 55 cents, or 1.56%, to close at $34.80 on Feb. 1.

The notes may be converted until the close of business on March 2.

If holders choose to convert all of the notes, the company will issue about 4 million shares, bringing its total outstanding shares to about 137 million.

Vertex is a biotechnology company based in Cambridge, Mass.

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