Sepracor raises $400 million

SEPR sold $400 in convertible subordinated debentures, with a $60 million overallotment option. The debentures bear 5 percent interest, mature in 2007 and convert into SEPR stock at $184.76 per share. SEPR closed Monday at $142.75, up $5.313.

SEPR finished the year with $336 million in cash on revenues of $22.7 million, but it also reported a net loss of $183.1 million. The offering would give the company about $700 million in cash. ...