DOV Pharmaceutical modifies, extends exchange offer for 2.5% convertibles

By Laura Lutz

Washington, March 8 - DOV Pharmaceutical, Inc. modified the terms and again pushed back the expiration of its exchange offer for all of its 2.5% convertible subordinated debentures due 2025.

Under the modified terms, only 96.3% of the principal amount of the debentures must be tendered for settlement of the offer. Previously, that amount was set at 99%.

As of March 5, exchange agent Wells Fargo Bank, NA said $67.5 million, or 96.4%, of the outstanding principal amount of debentures had been validly tendered and not withdrawn.

The expiration of the offer was extended to 5 p.m. ET on March 14 from March 7. The offer was earlier extended from March 5.

As previously reported, DOV is offering to exchange a $212.50 cash payment plus eight shares of new series C convertible preferred stock or a $212.50 cash payment plus eight shares of new series D convertible preferred stock for each $1,000 in principal amount of debentures.

DOV is a biopharmaceutical company based in Somerset, N.J.

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