NPSP NPS Pharmaceutical Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : NPSP NPS Pharmaceutical

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: tuck	8/15/2011 4:55:27 PM
	Read Replies (1) of 363

>>BEDMINSTER, N.J.--(BUSINESS WIRE)-- NPS Pharmaceuticals, Inc. (NASDAQ: NPSP - News), a specialty pharmaceutical company developing orphan therapeutics for rare gastrointestinal and endocrine disorders, today announced that the company intends to retire the 15.5% Secured Class B Notes when they become redeemable at par value on September 30, 2011. The company also announced that it has entered into an agreement with Amgen that becomes effective after the retirement of the Class B Notes. Under the Amgen agreement, Amgen will advance $145 million of Sensipar®/Mimpara® (cinacalcet HCl) royalties to NPS. After the repayment of the royalty advance and a 9 percent per annum discount factor on the balance of the advance, Amgen will resume paying royalties to NPS. The repayment of the royalty advance and discount shall be satisfied solely by Amgen’s withholding of royalties and except in the event of default, NPS will have no obligation to repay any unsettled amount. “We’re pleased to extend our longstanding relationship with Amgen in a way that benefits both companies,” said Luke Beshar, senior vice president and chief financial officer of NPS Pharmaceuticals. “We expect this transaction to save NPS approximately $13 million in interest expense over the next two years. This is another example of generating capital in a way that is in the best interest of our shareholders as we prepare to commercialize our two late-stage product candidates, GATTEX and NPSP558.” The Class B Notes originated in August 2007 through a private placement. The Class B Notes are non-recourse to NPS and solely secured and serviced by the company’s revenues related to Sensipar and Mimpara. NPS will retire the Class B Notes utilizing existing NPS resources.<< snip Works for me.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next