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DOV Pharmaceutical greenshoe exercised, raising convertibles to $80 million
By Caroline Salls
Pittsburgh, Jan. 4 - DOV Pharmaceutical Inc. said the underwriters of its recent offering of 2.50% convertible subordinated debentures due 2025 exercised the $15 million over-allotment option in full, raising the size of the deal to $80 million.
The Hackensack, N.J.-based biotech concern focused on neurological and cardiovascular treatments originally priced $65 million of the securities after the close on Dec. 16, 2004 to yield 2.5% with a 30% initial conversion premium.
Citigroup Global Markets Inc. is the bookrunner on the Rule 144A deal.
Proceeds would be used for general corporate purposes, including working capital, research and development, capital expenditures and potential acquisitions.
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