Enzon to tender for its 4% convertibles with proceeds from asset sale

By Susanna Moon

Chicago, Jan. 29 - Enzon Pharmaceuticals, Inc. said it plans to launch an offer to repurchase its outstanding 4% convertible senior notes due 2013.

Funding for the offer will come from the sale of its specialty pharmaceutical business to the sigma-tau Group, which yielded proceeds of $300 million in cash.

Enzon is a Bridgewater, N.J.-based biopharmaceutical company.

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