Vertex to exchange $95 million convertibles for stock

New York, No. 28 - Vertex Pharmaceuticals Inc. said that five holders of its 5.75% convertible senior subordinated notes due 2011 have agreed to exchange $95.0 million of the securities for 6.7 million shares.

The stock amount is 390,000 shares more than the number which would be issued under the terms of the notes.

Vertex said the additional shares largely relate to unpaid and accrued interest through February 2007, when the notes would have become callable.

The Cambridge, Mass., biotechnology company said it expects to complete the exchanges by the close of business on Tuesday.

Following the transactions, Vertex will have $137.5 million of the convertibles outstanding and 106 million shares.

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