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Neurocrine Biosciences Announces Repurchase of Convertible Notes
SAN DIEGO, May 24, 2022 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) (the "Company" or "Neurocrine Biosciences") today announced that it has
About this update from Neurocrine Biosciences, Inc.
[{"type":"text","content":"SAN DIEGO, May 24, 2022 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) (the \"Company\" or \"Neurocrine Biosciences\") today announced that it has entered into separate, privately negotiated transactions (the \"Agreements\") with certain holders of its existing 2.25% Convertible Senior Notes due 2024 (the \"2024 Notes\") to repurchase approximately $179.4 million aggregate principal amount of the 2024 Notes for an aggregate repurchase price of an amount of cash estimated to be 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. The 2024 Notes repurchases are expected to close over a period ending on June 14, 2022, subject to customary closing conditions. Such repurchases of the 2024 Notes could affect the market price of the Company's common stock. \n\n \n \n \n \n \n \n\n \nFollowing these repurchases, approximately $201.8 million aggregate principal of the Company's 2024 Notes will remain outstanding, from an initial principal balance of $517.5 million. \"Given our balance sheet flexibility, we have now reduced our convertible debt levels by approximately 60% over the past two years in an effort 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.\"\nThis press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.\nAbout Neurocrine BiosciencesNeurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs, but few options. We are dedicated to discovering and developing life-changing treatments for patients with under-addressed 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 w...