Theravance nets $331mm through concurrent public debt and share offerings

Theravance Biopharma Inc. (treatments for infectious, respiratory, cardiovascular, and gastrointestinal diseases) netted $331mm through concurrent public offerings of its common stock and debt. In the first transaction, the company sold 4.4mm common shares (including the overallotment) at $26 for net proceeds of $108mm, while in the second, it sold $230mm principal amount (including the overallotment; $223mm net) of its 3.25% senior notes due 2023. The notes convert to common at a rate of 29.0276 shares per $1k, or about $31.84 per share. (Theravance's stock averaged $31.70 at the time of the sale.)