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Biotech / Medical : Biotechnology Value Fund, L.P.
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To: Icebrg who wrote (3510)6/16/2003 8:42:10 AM
From: IcebrgRead Replies (1) of 4974
 
ICOS Announces Proposed Private Offering of Convertible Subordinated Notes
Monday June 16, 8:26 am ET

BOTHELL, Wash.--(BUSINESS WIRE)--June 16, 2003--ICOS Corporation (Nasdaq:ICOS - News) announced today that it intends to offer, subject to market and other conditions, $250 million aggregate principal amount of convertible subordinated notes through an offering to qualified institutional buyers pursuant to Rule 144A and to non-U.S. purchasers pursuant to Regulation S, under the Securities Act of 1933, as amended.

The notes are expected to have a term of 20 years and will be convertible at the option of the holder into ICOS Corporation common stock, at a price to be determined by negotiations between ICOS and the initial purchasers of the notes. The terms of the offering are expected to include an option exercisable by the initial purchasers to purchase up to an additional $50 million aggregate principal amount of notes.

They have had a great run lately, so this should be the right moment to tap some capital from the market. Icos already have 62 million share outstanding so an additional 5 m (300 m converted at say 60) will not make a very big difference. And they will need the money. Especially if they will continue to weed out products from their pipeline. Soon Cialis will be the only product remaining, if they continue like this. Total cash on hand as per Yahoo! is only some 150 mUSD.

Erik
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