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Insmed nets $435.8mm through sale of convertible debt
26 Jan 2018
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
Pharmaceuticals
Pharmaceuticals
Drug Delivery
Pulmonary
Biotechnology
Large Molecule
Deal Status
Final
Deal Type
Financing
Convertible Debt
FOPO
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