Price talk on Medivation's $175 million of convertibles revised to 2.625%-3.125%, up 42.5%-45%

By Rebecca Melvin

New York, March 13 - The premium price talk on Medivation Inc.'s planned $175 million five-year convertible senior notes, which were seen pricing late Tuesday, was revised to 42.5% to 45% from 37.5% to 42.5%, a syndicate source said.

Coupon talk on the notes was left unchanged at 2.625% to 3.125%.

As previously reported, the registered offering has a greenshoe of $26.25 million and was being sold via Citigroup Global Markets Inc. as bookrunner.

The notes will be non-callable for three years and then provisionally callable subject to shares trading at 130% of the conversion price for 20 out of 30 trading days.

Proceeds will be used for working capital, including further development and potential commercialization of its product candidates, and for general corporate purposes. Proceeds may also be used to invest in complementary products, technologies or businesses.

Medivation is a San Francisco-based biopharmaceutical company.

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