BB Biotech, BB Medtech sell stock to Deutsche for CHF 200 million, CHF 105 million exchangeables

New York, May 14 - BB Biotech AG and BB Medtech AG announced that they sold stock to Deutsche Bank, London as the underlying assets for mandatory exchangeable bonds.

BB Biotech sold 2.06 million shares at CHF 95.2901, the volume weighted average price for May 14 and 15.

The exchangeable will have an issue size of CHF 200 million and pay a coupon of 3%.

The deal was below the maximum size of CHF 250 million and came at the wide end of talk for a coupon of 2.5% to 3%.

The maturity date is May 18, 2012. Settlement will be on May 18.

BB Biotech sold the stock through its subsidiary Biotech Target NV, which now has a short position of 1.1 million shares. That position may be covered either through a capital increase or purchases of stock in the open market.

Meanwhile BB Medtech sold 1.32 million shares to Deutsche at CHF 80.1821, again the volume weighted average price for May 14 and 15.

The exchangeable will have an issue size of CHF 105 million and pay a coupon of 3.25%.

The deal was below the maximum size of CHF 120 million and came at the wide end of talk for a coupon of 2.75% to 3.25%.

The maturity date is May 18, 2012. Settlement will be on May 18.

BB Medtech sold the stock through its subsidiary Medtech Health NV, which now has a short position of 0.3 million shares. That position may be covered either through a capital increase or purchases of stock in the open market.

BB Biotech is a Zurich-based biotech investment company.

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