Orexigen Therapeutics Inc. (Nasdaq: OREX), a La Jolla-based biopharmaceutical company focused on the treatment of obesity, Monday announced that it intends to offer $100 million aggregate principal amount of convertible senior notes due 2020 in a private offering to qualified institutional buyers.
In connection with the offering of the senior notes, Orexigen expects to grant the initial purchasers a 13-day option to purchase up to an additional $15 million aggregate principal amount of such notes.
The company intends to use the net proceeds from the offering of the notes for working capital and other general corporate purposes.
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