Cheshire-based Alexion Pharmaceuticals Inc. said it has issued about 3 million shares of common stock in exchange for $46.7 million in bonds held by one of its principal debtholders.
Alexion won’t receive any cash proceeds from Thursday’s exchange for its 1.375 percent convertible senior notes due 2012 beneficially owned by Citadel Equity Fund Ltd., according to a Securities and Exchange Commission filing.
The transaction trimmed the outstanding balance of the notes to $50.5 million, Alexion said.
The company said it may do more debt-equity exchanges if and when favorable opportunities arise.
Alexion produces a patented drug for treating a rare disorder that destroys red blood cells that is approved for use in the U.S., Canada, Europe and Australia. The company is awaiting clearance for commercial use of the Soliris blood disorder treatment on Japanese patients, beginning in 2010.
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