Apellis to exchange $198.6 million 3.5% convertibles for stock

By Rebecca Melvin

Concord, July 8 – Apellis Pharmaceuticals, Inc. has entered into exchange agreements with certain holders of its 3.5% convertible senior notes due Sept. 15, 2026 to exchange $198.6 million of the bonds for common stock, according to a news release.

The company is exchanging 4,530,431 shares, or 22.8065 shares per $1,000 principal amount of convertibles exchanged, plus additional shares per $1,000 principal amount of notes equal to the quotient of $449.64 divided by the average of the daily volume-weighted average prices of the company’s common stock over 10 consecutive trading days beginning on Thursday.

These exchanges are expected to close on July 23, subject to the satisfaction of customary closing conditions.

Apellis Pharmaceuticals is a Waltham, Mass.-based biopharmaceutical company.

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