Celgene Proposes $300 Million Notes Offer

The notes would be convertible into common stock at a price to be determined.
By TSC Staff ,

Biopharmaceutical company

Celgene

(CELG) - Get Report

is proposing to offer $300 million of convertible notes to qualified institutional buyers.

The notes will be convertible into Celgene common stock at a price to be determined.

Celgene said in a press release after the close Wednesday that the notes will be due in 2008.

Shares of Celgene, which is based in Warren, N.J., ended regular

Nasdaq

trading at $32.31, down $1.16, or 3.5%. In Instinet trading after the closing bell, Celgene slipped $1.30, or 4%.

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