Biovail breaks Canadian financing record

BVF raised US$300 million in a convertible subordinated preferred equivalent debenture and US$101.1 million in a follow-on of 2 million shares at US$50.563. The convertible debenture is the largest Canadian biotech financing ever done. The convertible debentures due in 2025 have a 6.75 percent interest rate and a US$60.675 conversion price. ...