DOV Pharmaceutical prices $65 million convertibles to yield 2.5%, up 30%

New York, Dec. 16 - DOV Pharmaceutical, Inc. priced $65 million of convertible subordinated debentures due 2025 to yield 2.5% with a 30% initial conversion premium.

The deal priced at the rich end of talk which put the yield at 2.5% to 3.0% with a 25% to 30% initial conversion premium.

Citigroup Global Markets Inc. is sole bookrunner of the Rule 144A deal, which priced after the close Thursday.

The conversion price is $22.75.

The offering has a $15 million greenshoe.

The Hackensack, N.J.-based biotech concern focused on neurological and cardiovascular treatments said proceeds would be used for general corporate purposes, including working capital, research and development, capital expenditures and potential acquisitions.

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