Theravance adjusts conversion rate of convertible notes due 2023

By Marisa Wong

Madison, Wis., Dec. 23 – Theravance, Inc. adjusted the conversion rate for its convertible promissory notes due 2023 due to a cash dividend paid on Dec. 23, according to an 8-K filing with the Securities and Exchange Commission.

The conversion rate was increased to 48.3294 shares per $1,000 principal amount of notes from 47.4323 shares per $1,000 principal amount of notes.

The new conversion rate represents an adjusted conversion price of $20.6913 per share.

Theravance is a South San Francisco, Calif.-based biopharmaceutical company. Its shares (Nasdaq: THRX) closed at $15.03 on Dec. 22.

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