Amylin greenshoe exercised, raising convertibles to $200 million

New York, April 5 - Amylin Pharmaceuticals, Inc. said the underwriters of its recent offering of convertible senior notes due 2011 exercised the $25 million over-allotment option in full, raising the size of the deal to $200 million.

The San Diego biotechnology firm originally priced $175 million of the securities after the market closed on March 31 to yield 2.5% with a 45% initial conversion premium.

Bookrunner for the Rule 144A deal was Morgan Stanley & Co.

Amylin will use proceeds to continue research and development, fund operating expenses, establish manufacturing sources and inventory, pursue regulatory approvals and expand its commercialization capabilities as necessary.

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