Neurocrine Biosciences announces the redemption of convertible bonds – May 25, 2022
SAN DIEGO, May 24, 2022 /PRNewswire/ — Neurocrine Biosciences, Inc. (Nasdaq: NBIX) (the “Company” or “Neurocrine Biosciences”) announced today that it has entered into separate privately negotiated transactions (the “Agreements”) with certain holders of its 2.25% senior convertible notes coming to maturing in 2024 (the “2024 Bonds”) to redeem approximately $179.4 million of an aggregate principal amount of the 2024 Bonds for an aggregate redemption price of an estimated cash amount of the sum of (i) approximately $224 $.0 million, (ii) an amount based in part on the trading price of the Company’s common stock and (iii) accrued and unpaid interest. Redemptions of 2024 Notes are expected to be completed over a period ending June 14, 2022, subject to customary closing conditions. Such redemptions of 2024 Bonds could affect the market price of the ordinary shares of the Company.
Following these redemptions, approximately $201.8 million aggregate principal amount of the Company’s 2024 Notes will remain outstanding, from an initial principal balance of $517.5 million. “Given the flexibility of our balance sheet, we have now reduced our convertible debt levels by approximately 60% over the past two years to minimize dilution for our shareholders,” said Matt Abernethy, Chief Financial Officer of Neurocrine Biosciences. . “Our capital allocation priorities remain focused on growing INGREZZA and advancing our mid-to-late-stage clinical programs.”
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and there will be no offer or sale of these securities in any state or jurisdiction in which the offer, the solicitation or sale would be unlawful prior to its registration or qualification under the securities laws of any such state or territory.
About Neurocrine Biosciences
Neurocrine Biosciences is a neuroscience-driven biopharmaceutical company with a simple goal: to alleviate the suffering of people with high needs, but few options. We are committed to discovering and developing life-changing treatments for patients with undertreated neurological, neuroendocrine and neuropsychiatric disorders. The company’s diverse portfolio includes FDA-approved treatments for tardive dyskinesia, Parkinson’s disease, endometriosis* and uterine fibroids*, as well as more than a dozen mid- to late-stage clinical programs in multiple therapeutic areas. For three decades, we have applied our unique knowledge of neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly search for medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com and follow the company on LinkedIn, Twitter and Facebook. (*in collaboration with AbbVie)
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements relating to the amount of the 2024 Notes to be redeemed, the timing of the redemptions and the impact of the redemptions on the market price of the Company’s common stock. Among the factors that could cause actual results to differ materially from those set forth in the forward-looking statements are: changes in the market price of the Company’s common stock; changes in convertible note and other capital markets; and other risks described in the Company’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 The Company disclaims any obligation to update the statements contained in this press release after the date hereof.
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SOURCE Neurocrine Biosciences, Inc.
Company Codes: NASDAQ-NMS:NBIX