CAMBRIDGE, Mass., Feb. 2 /PRNewswire-FirstCall/ -- Vertex
Pharmaceuticals Incorporated (Nasdaq: VRTX) announced that on March 5, 2007
it will redeem the outstanding $59.6 million aggregate principal amount of
5.75% Convertible Senior Subordinated Notes due 2011, in accordance with
the terms of the indentures governing those notes. Since Vertex's common
stock is currently trading above the conversion price, Vertex expects that
holders of the notes will choose to convert their notes into common stock
at a conversion rate of $14.94 per share rather than accept redemption. The
holders may convert the notes into common stock until the close of business
on March 2, 2007. If all notes are converted, Vertex will issue an
aggregate of approximately 4.0 million shares of common stock, increasing
the Company's total shares outstanding to approximately 130 million. Vertex
will pay the holders of those notes not converted into shares a redemption
price equal to 100% of the outstanding principal amount of the notes, plus
accrued and unpaid interest to, but excluding the redemption date.
A notice of redemption setting forth the redemption procedures is being
mailed by Vertex to all registered holders of the notes. Copies of the
notice of redemption and additional information relating to the procedures
for redemption may be obtained from, the trustee, paying agent and
conversion agent, U.S. Bank National Association by calling 1-800-934-6802.
About Vertex
Vertex Pharmaceuticals Incorporated is a global biotechnology company
committed to the discovery and development of breakthrough small molecule
drugs for serious diseases. The Company's strategy is to commercialize its
products both independently and in collaboration with major pharmaceutical
companies. Vertex's product pipeline is focused on viral diseases,
inflammation, autoimmune diseases, cancer, pain and bacterial infection.
Vertex co-discovered the HIV protease inhibitor, Lexiva, with
GlaxoSmithKline
Lexiva is a registered trademark of the GlaxoSmithKline group of
companies.
Safe Harbor Statement
This press release contains forward-looking statements, including
statements that (i) Vertex will redeem the outstanding $59.6 million
aggregate principal amount of 5.75% Convertible Senior Subordinated Notes
due 2011 on March 5, 2007; and (ii) Vertex expects that holders of the
notes will choose to convert their notes into common stock at a conversion
rate of $14.94 per share rather than accept redemption. While management
makes its best efforts to be accurate in making forward-looking statements,
those statements are subject to risks and uncertainties that could cause
our results to vary materially. Those risks and uncertainties include the
risk and uncertainty that our stock price may decrease, and other risks and
uncertainties listed under Risk Factors in our annual report and quarterly
reports filed with the Securities and Exchange Commission, available via
our web site at http://www.vrtx.com. We disclaim any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise, unless required by law.
Vertex's press releases are available at http://www.vrtx.com
Vertex Contact:
Lynne Brum, Vice President, Strategic Communications, (617) 444-6614
Michael Partridge, Director, Corporate Communications, (617) 444-6108
Lora Pike, Manager, Investor Relations, (617) 444-6755
SOURCE Vertex Pharmaceuticals Incorporated
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Related links:
http://www.vrtx.com
http://www.prnewswire.com/comp/938395.html /
CONTACT:
Lynne Brum, Vice President, Strategic
Communications, +1-617-444-6614, or Michael Partridge, Director,
Corporate Communications, +1-617-444-6108, or Lora Pike, Manager,
Investor Relations, +1-617-444-6755, all of Vertex
Pharmaceuticals Incorporated
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