OSI housekeeping

OSI Pharmaceuticals Inc. (NASDAQ:OSIP) last week finished buying back all its outstanding 3.25% convertible notes due in 2023, but the biotech said the move has nothing to do with maneuvering around the hostile $3.5 billion bid by Astellas Pharma Inc. (Tokyo:4503) to buy the company. OSI has been buying up these notes over the last few years, as they have the most expensive rate of its three converts.

OSI repurchased the remaining $60.5 million in principal on the notes, which were issued to Merrill Lynch; Merrill Lynch, Pierce, Fenner & Smith; and Morgan Stanley. The 2023 note had a conversion price of $50.02...