Biovail considers $200M Private Placement of notes in Canada
Canadian drug maker Biovail Corp. announced it is considering making a private placement offering of up to $200 million in senior notes to raise money for working capital and general corporate purposes via private placement memorandum (PPM).
The private placement notes would most likely be senior unsecured obligations maturing in 2014, the company said. If the company makes the offer, it said the proceeds would be used for working capital and items including funding for operations, development and licensing drugs, and acquisitions.
Last month, Biovail agreed to pay $510 million to GlaxoSmithKline PLC to gain the U.S. rights to Wellbutrin XL, an antidepressant Biovail helped develop. It later agreed to pay $230 million for development and sales rights to drugs for Tourette Syndrome and other movement disorders.
In aftermarket trading, Biovail shares fell 87 cents, or 6.8 percent, to $11.99 from $12.86.
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