A Medical Device Daily
Mylan Laboratories (Canonsburg, Pennsylvania) reported pricing of its concurrent public offerings for total proceeds of $993.6 million ($1.1 billion assuming full exercise of underwriters’ over-allotments). The offerings consist of $550 million of senior convertible notes, due 2012, and 22.75 million shares of common stock.
Mylan has granted the underwriters an option to purchase up to another $50 million of notes and up to another 3,412,500 shares of common stock, in each case, to cover over-allotments.
The shareholders initially anticipated to sell shares of Mylan common stock in the offering have elected not to participate at this time, the company said.
Mylan said it intends to use the net proceeds of the offerings for general corporate purposes, including expansion of its operations and to enter into convertible note hedge and warrant transactions with counterparties which will be affiliates of the underwriters.
Mylan is a pharmaceutical company with three principal subsidiaries: Mylan Pharmaceuticals, Mylan Technologies and UDL Laboratories. It claims to have developed and marketed more generic transdermal products than any company in the U.S.