OSI Pharmaceuticals Announces Conversion Period for Convertible Notes
April 01 2010 - 4:00PM
Business Wire
OSI Pharmaceuticals, Inc. (Nasdaq: OSIP) announced today that
its 2% Convertible Senior Notes due 2025 (the “notes”) are now
convertible at the option of the holders and will remain
convertible through June 30, 2010, the last trading day of the
current fiscal quarter, as provided for in the Indenture governing
the notes.
The notes became convertible as the Company’s common stock
closed at or above $35.32 per share for twenty trading days within
the thirty trading day period ending on March 31, 2010. As a
result, during the conversion period commencing April 1, 2010, and
continuing through and including June 30, 2010, holders of the
notes may, if they elect, convert the notes into shares of common
stock, subject to the terms of the related Indenture. The notes are
convertible at the conversion rate of 33.9847 shares per $1,000
principal amount of each note or an effective conversion price of
$29.43 per share. There is currently outstanding $115 million
principal amount of the notes.
About OSI
Pharmaceuticals
OSI Pharmaceuticals is committed to "shaping medicine and
changing lives" by discovering, developing and commercializing
high-quality, novel and differentiated targeted medicines designed
to extend life and improve the quality of life for patients with
cancer and diabetes/obesity. For additional information about OSI,
please visit http://www.osip.com.
This news release contains forward-looking statements. These
statements are subject to known and unknown risks and uncertainties
that may cause actual future experience and results to differ
materially from the statements made. Factors that might cause such
a difference include, among others, OSI's and its collaborators'
abilities to effectively market and sell Tarceva and to expand the
approved indications for Tarceva, OSI’s ability to protect its
intellectual property rights, safety concerns regarding Tarceva,
competition to Tarceva and OSI’s drug candidates from other
biotechnology and pharmaceutical companies, the completion of
clinical trials, the effects of FDA and other governmental
regulation, including pricing controls, OSI's ability to
successfully develop and commercialize drug candidates, and other
factors described in OSI Pharmaceuticals' filings with the
Securities and Exchange Commission.
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