Jazz Pharma dips after upsized $1.1 bln convertible offering
BUZZ-Jazz Pharma dips after upsized $1.1 bln convertible offering ** Shares of Jazz Pharmaceuticals JAZZ.O down 0.6% at $247.78 in early Thurs trading after above-target raise
** Dublin, Ireland-headquartered biopharma early Thurs announced pricing private offering of $1.1 bln 1.875% exchangeable notes due Sept 15, 2032
** Exchangeable price of $355.24 is 42.5% above stock's last close
** JAZZ shares finished down >4% on Weds after co launched $1 bln offering for general corp purposes; it's focused on developing treatments for epilepsy, cancer and sleep disorders
** Co to repurchase approx $225 mln of its shares from purchasers of the notes
** Shares now up 46% YTD and have doubled over the past 12 months. Stock hit record intraday high of $266.38 on Tues
** 19 of 20 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT of $300 up from $275 a month ago, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Jazz Pharma dips after upsized $1.1 bln convertible offering
Brief: Jazz Pharmaceuticals Announces Private Offering Of $1.0 Billion Of Exchangeable Senior Notes Due 2032