BUZZ-Horizon Pharma PLC: New all-time high after upsized convertible

Fri Mar 6, 2015 5:01pm EST
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** Ireland-based drugmaker's shares close up 5.1 pct at $21.90 after company prices upsized convertible offering in private placement

** Shares trade up as much as 7 pct, set all-time high price of $22.30 on triple average 30-day volume

** Offers $350 mln, up from $300 mln, 7-year exchangeable senior notes, 2.5 pct coupon, 37.5 pct convert premium after a day of marketing

** Bookrunners MS, Jefferies, Cowen, Guggenheim and UBS had marketed price talk of 2.75-3.25 pct coupon, 27.5-32.5 pct convert premium Thursday

** Says expects to use proceeds for general corporate purposes, including future acquisitions or investments in businesses

** Prior to launch, shares had risen 70 pct since company reported consecutive quarterly profit beats and raised full-year 2015 revenue forecast

** M&A transactions targeting biotech and pharma companies in 2015 have reached $59.3 bln, a 94 pct increase over same period a year ago

** Nasdaq Biotechnology Index fell 1.5 pct today, but has risen nearly 13 pct YTD