Karyopharm Therapeutics’ $150 million seven-year convertibles talked to yield 2.5%-3%, up 25%-30%

By Rebecca Melvin

New York, Oct. 10 – Karyopharm Therapeutics Inc.’s planned $150 million of convertible senior notes due Oct. 15, 2025 were talked at a coupon of 2.5% to 3% and with an initial conversion premium of 25% to 30%. The deal was expected to price after the market close on Wednesday, according to a syndicate source.

As previously reported, the notes have an over-allotment option for up to an additional $22.5 million aggregate principal amount of notes. They are non-callable until Oct. 15, 2022.

The Rule 144A deal was being sold via J.P. Morgan Securities LLC and Leerink.

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. Proceeds will also be used for working capital and other general corporate purposes.

Karyopharm is a clinical-stage pharmaceutical company based in Newton, Mass.

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