Vertex greenshoe fully exercised, lifts convertibles to $400 million

By Marisa Wong

Madison, Wis., Sept. 24 - Vertex Pharmaceuticals Inc. said that the underwriter for its offering of 3.35% convertible senior subordinated notes due 2015 exercised the $25 million over-allotment option in full, increasing the total size to $400 million.

Vertex priced $375 million of five-year convertibles before the open on Thursday to yield 3.35% with an initial conversion premium of 35%.

Bank of America Merrill Lynch is the underwriter for the offering.

As previously reported, proceeds will be used for general corporate purposes, clinical trial costs and other development costs for telaprevir and VX-770 and other drug candidates, research expenditures and potentially acquisitions.

The pharmaceutical company is based in Cambridge, Mass.

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