Bloomberg News

United Therapeutics Rises on Offer of $210 Million in Notes

October 11, 2011

(Updates with closing shares in second paragraph.)

Oct. 11 (Bloomberg) -- United Therapeutics Corp.’s shares rose the most in almost a year after the biotechnology company said it will offer $210 million of convertible senior notes to qualified institutional buyers and buy back shares.

The company, seller of treatments for cardiovascular diseases, gained 5 percent to $39.74, the biggest increase since Oct. 28.

The offering of the notes due 2016 may include an option for the initial purchaser to buy as much as an additional $40 million, the Silver Spring, Maryland-based company said in a statement today.

United said it expects to reduce future stock dilution through a convertible note hedge transaction. The company also said it will buy back as much as $212 million in shares as part of a $300 million repurchase program.

--Editors: Bruce Rule, Chris Staiti

To contact the reporter on this story: Anna Edney in Washington at aedney@bloomberg.net.

To contact the editor responsible for this story: Adriel Bettelheim at abettelheim@bloomberg.net.


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