Local Tech Wire

RALEIGH, N.C. – Salix Pharmaceuticals (Nasdaq: SLXP) is raising $300 million through a debt offering, one third higher than originally announced.

The company had said it planned to raise $200 million but reported later Thursday that it had struck an agreement for $300 million in five-year notes.

Salix, which focuses on gastrointestinal products, also reported that the conversion price for the notes to Salix stock is $46.38 per share – a 30 percent premium from its closing price Thursday of $35.68.

Another $45 million was set aside for the underwriters of the offering.

The interest on the notes is 2.75 percent.

Salix said it would net $290 million through the sale. Proceeds will be used for clinical trials, research and development, and commercialization of products.

Bank of America Merrill Lynch and Jefferies & Company handled the offering.

For the full statement about the transaction,

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