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CAMBRIDGE, Mass. - Drug developer Vertex Pharmaceuticals Inc. said Wednesday that holders of $109 million in convertible notes due in 2013 have agreed to swap the notes for about 4.8 million shares of common stock.
The exchange will reduce the outstanding amount of Vertex convertible notes due in 2013 to about $35 million.
Vertex added about 140,000 shares to the exchange over what was called for under the original terms. When the exchange closes on Friday, the company will have about 186 million shares on the market, or about 2.6 percent more than its current total.
Under the original terms, the senior notes could have been converted into approximately 4.66 million Vertex shares.
Vertex said it is focused on developing drugs for viral diseases, cystic fibrosis, inflammation, autoimmune diseases, cancer and pain.
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