Drugmaker InterMune plans to sell debt and stock
InterMune will sell $85M in debt and 12.5M shares of its stock to fund studies, marketing
BRISBANE, Calif. (AP) -- Drugmaker InterMune Inc. said Monday it will sell $85 million in debt and 12.5 million shares of stock in a public offering.
The company is selling convertible senior notes due in 2017. InterMune said it will use the proceeds of the offerings to buy back senior notes due in 2015 and fund a late-stage clinical trial and sales of its drug Esbriet, which is a treatment for chronic obstructive pulmonary disease.
The underwriters of the offerings will have the option to buy up to $12.8 million in notes and 1.9 million additional shares.
InterMune had 66 million shares on the market as of Oct. 31. Its shares have traded between $7.21 and $17.09 in the last year, and they fell 2.3 percent to $9.99 on Monday. The stock lost 50 cents, or 5 percent, to $9.49 in aftermarket trading.
