Shares of Jazz Pharmaceuticals plc (JAZZ) were down 2.4% to $142.49 in early trading on Friday, Aug. 18, after the Dublin firm announced an offering of $500 million of 1.50% exchangeable senior notes due 2024. Jazz has also given initial purchasers a 13-day option to buy up to an additional $75 million aggregate principal amount of notes.
The sale of the notes is expected to be completed on Aug. 23.
The company said it plans to use the net proceeds to repay all or a substantial portion of $500 million of outstanding borrowings under its revolving credit facility. Any remaining net proceeds will be utilized for general corporate purposes, including potential business development activities, Jazz said.
Meanwhile, shares of Myriad Genetics Inc. (MYGN) were up 2.3% to $28.49. The Salt Lake City firm said Thursday that Palmetto GBA, the Medicare contractor who oversees the MolDx program, and Anthem Inc. (ANTM) have announced positive coverage decisions for EndoPredict, a multigene prognostic test for patients diagnosed with breast cancer.
Other biotech movers include Opko Health Inc. (OPK) , up 1.9% to $5.99.
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