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InterMune nets $228.8mm through simultaneous debt and stock offerings

Executive Summary

InterMune Inc. (developing therapeutics for pulmonary fibrosis and other serious fibrotic diseases) has netted $228.8mm through concurrent public offerings of debt and stock. In the first sale, the company netted $101.8mm by selling $105mm principal amount of its 2.5% convertible senior notes due in 2017. The notes convert to common at $12.87 (the market average prior to the offering was $10.19) at a conversion rate of 77.7 shares for every $1k purchased. In the second transaction, InterMune sold 13.5mm common shares at $9.90, for net proceeds of $127mm. Proceeds will be used to pay back existing debt; fund European commercialization of Esbriet (pirfenidone) for idiopathic pulmonary fibrosis; and support the ASCEND Phase III trial with Esbriet in the US.
Deal Industry
  • Pharmaceuticals
  • Biotechnology
    • Large Molecule
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • FOPO

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