Vertex Pharmaceuticals Announces Proposed Concurrent Public Offerings of Common Stock and Convertible Senior Subordinated Notes
CAMBRIDGE, Mass., Feb 11, 2008 -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced that it intends to offer, subject to market and other conditions, 6,000,000 shares of its common stock in an underwritten public offering under an automatically effective shelf registration statement on file with the Securities and Exchange Commission. Vertex intends to grant the underwriters an over-allotment option to purchase up to an additional 900,000 shares of its common stock.
Concurrently with the offering of its common stock, Vertex also intends to offer, subject to market and other conditions, $250.0 million aggregate principal amount of convertible senior subordinated notes due 2013 in an underwritten public offering under a separate automatically effective shelf registration statement on file with the Securities and Exchange Commission. Vertex also expects to grant the underwriters an over-allotment option to purchase up to $37.5 million aggregate principal amount of additional notes on the same terms and conditions.
The common stock offering and the note offering are being conducted as separate public offerings, and the offerings are not contingent upon each other.
The price of the common stock and the interest rate, conversion price, and other terms of the notes will be determined by negotiations between Vertex and the underwriters upon the pricing of the offerings.
Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as the underwriter in the offerings.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer of the securities will be made only by means of a prospectus, forming a part of the effective registration statements. A copy of the applicable prospectus can be obtained from Merrill Lynch's prospectus department, at 4 World Financial Center, New York, NY 10080, 212-449-1000.
Vertex Pharmaceuticals Incorporated is a global biotechnology company committed to the discovery, development and commercialization of small molecule drugs for the treatment of serious diseases. The Company's strategy is to commercialize its products both independently and in collaboration with major pharmaceutical companies. Vertex's product pipeline is focused on viral diseases, inflammation, autoimmune diseases, cancer, pain and bacterial infection. Vertex co-discovered the HIV protease inhibitor, Lexiva, with GlaxoSmithKline.
Lexiva is a registered trademark of the GlaxoSmithKline group of companies.