Karyopharm Therapeutics to sell $150 million convertibles due 2025

By Rebecca Melvin

New York, Oct. 9 – Karyopharm Therapeutics Inc. plans to price $150 million of convertible senior notes due Oct. 15, 2025 subject to market conditions, according to a news release on Tuesday.

There is an over-allotment option for up to an additional $22.5 million aggregate principal amount of notes.

The Rule 144A notes are non-callable until Oct. 15, 2022. They have net share settlement and can be converted in cash, shares or a combination of both at Karyopharm’s discretion.

JPMorgan and Leerink are bookrunners of this deal, according to a market source.

The proceeds from the offering will be used to establish the infrastructure to support a potential commercial launch of selinexor and to support further clinical development of selinexor and other pipeline drug candidates, eltanexor and KPT-9274; and for working capital and other general corporate purposes.

Based in Newton, Mass., Karyopharm is a clinical-stage pharmaceutical company focused on drugs directed against nuclear transport and related targets for the treatment of cancer and other major diseases.

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