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Insmed nets $435.8mm through sale of convertible debt

Executive Summary

Respiratory disease-focused Insmed Inc. netted $435.8mm (including the overallotment) through an underwritten public offering of 1.75% convertible senior notes due 2025. The notes covert to common at a rate of 25.5384 shares per $1k principal amount, or $39.16 per share. (The company's stock averaged $30.20 at the time of the sale.) Upon conversion, holders of the notes will receive Insmed shares, cash, or a combination of the two at Insmed’s election. The company will use the funds for ongoing development and regulatory and commercial activities for its lead compound amikacin liposome inhalation suspension (ALIS) for patients with nontuberculous mycobacteria lung disease caused by Mycobacterium avium complex. Proceeds will also support development of additional programs and for potential acquisitions or licensing opportunities.
Deal Industry
  • Biotechnology
    • Large Molecule
  • Pharmaceuticals
    • Drug Delivery
      • Pulmonary
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • FOPO

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