Medivation to redeem all $167.7 million 2.625% convertibles due 2017

By Tali Rackner

Norfolk, Va., June 19 – Medivation, Inc. announced the redemption of all $167.7 million of its outstanding 2.625% convertible notes due 2017, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed at par plus accrued interest on July 24.

Holders may to convert their notes at any time up to the close of business on July 22 at a conversion rate of 19.5172 shares of common stock per $1,000 principal amount, which is equivalent to a conversion price of about $51.24 per share.

Medivation (Nasdaq: MDVN) closed at $116.62 per share on Thursday.

Wells Fargo Bank, NA is the paying agent.

Medivation is a San Francisco-based biopharmaceutical company.

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