Jazz Pharma dips after upsized $1.1 bln convertible offering
JAZZ•Shares fall after upsized convertible note sale
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Shares of Jazz Pharmaceuticals JAZZ.O were down 0.6% at $247.78 in early Thursday trading after the company raised more than its target.
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The Dublin, Ireland-headquartered biopharma announced pricing of a private offering of $1.1 billion of 1.875% exchangeable notes due Sept. 15, 2032.
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The exchangeable price is $355.24, or 42.5% above the stock's last close.
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JAZZ shares finished down more than 4% on Wednesday after the company launched a $1 billion offering for general corporate purposes; it is focused on developing treatments for epilepsy, cancer and sleep disorders.
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The company plans to repurchase about $225 million of its shares from purchasers of the notes.
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Shares are now up 46% year to date and have doubled over the past 12 months. The stock hit a record intraday high of $266.38 on Tuesday.
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Nineteen of 20 analysts rate the stock "strong buy" or "buy," while one rates it "hold"; the median price target is $300, up from $275 a month ago, according to LSEG data.
