Press Release
Vertex Pharmaceuticals Announces Completion of Conversion of Outstanding 5.75% Convertible Senior Subordinated Notes due 2011
CAMBRIDGE, Mass., Mar 05, 2007 (BUSINESS WIRE) -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced that in connection with the previously announced redemption of its 5.75% Convertible Senior Subordinated Notes due 2011, holders of all of the outstanding notes converted their notes into shares of Vertex's common stock. The aggregate outstanding principal amount of the notes prior to the conversion was approximately $59.6 million. In accordance with the terms of the indentures governing the notes, the notes were converted into common stock at a conversion rate of $14.94 per share. As a result of these conversions, Vertex issued approximately 4.0 million shares of common stock, increasing its total shares outstanding to approximately 131 million.
About Vertex
Vertex Pharmaceuticals Incorporated is a global biotechnology company committed to the discovery and development of breakthrough small molecule drugs for serious diseases. Vertex'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.
Vertex's press releases are available at www.vrtx.com
(VRTX-G)
SOURCE: Vertex Pharmaceuticals Incorporated
Vertex Pharmaceuticals Incorporated Lynne Brum, 617-444-6614 Vice President, Strategic Communications or Michael Partridge, 617-444-6108 Director, Corporate Communications or Lora Pike, 617-444-6755 Manager, Investor Relations
Copyright Business Wire 2007
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