Auxilium, Opko raise $500M in bumped-up note deals
Auxilium Pharmaceuticals Inc. (NASDAQ:AUXL) and Opko Health Inc. (NYSE:OPK) raised a combined $500 million on Friday in bumped-up offerings of senior convertible notes. Auxilium raised $325 million through the sale of 1.5% notes due 2018. The notes initially convert at $24.17, which is a 29% premium to Auxilium's close of $18.74 on Wednesday, before the company proposed to raise $200 million in the offering. Goldman Sachs; JPMorgan; Cowen; and RBC Capital Markets are underwriters.
Auxilium markets Xiaflex collagenase clostridium in the U.S., Canada and the EU, where it is known as Xiapex, to treat Dupuytren's contracture in adult patients with a palpable cord, which affects joints in the hand. An sBLA for the injectable form of collagenase is also under FDA review to treat Peyronie's disease, with a Sept. 6 PDUFA date. Auxilium has worldwide rights to Xiaflex from BioSpecifics Technologies Corp. (NASDAQ:BSTC). ...