OSI Pharmaceuticals Inc declares conversion period for convertible senior notes

Monday, July 07, 2008; Posted: 05:32 AM

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Jul 07, 2008 (M2 EQUITYBITES via COMTEX) -- OSIP | Quote | Chart | News | PowerRating -- OSI Pharmaceuticals Inc (Nasdaq: OSIP), a provider of high-quality and novel pharmaceutical products designed to extend life and/or improve the quality of life for patients with cancer and diabetes/obesity, reported on 3 July that its 2% convertible senior notes due 2025 are now convertible at the option of the holders and will remain convertible through 30 September 2008.

The conversion period, beginning 1 July 2008 and continuing through and including 30 September 2008, enables the holders of the notes may, if they elect, to convert the notes into shares of common stock, subject to the terms of the related indenture.

The company stated that the notes are convertible at the conversion rate of 33.9847 shares per USD1,000 principal amount of each note or an effective conversion price of USD29.43 per share.

Reportedly, there is currently outstanding USD115m principal amount of the notes.

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For full details on Osi Pharmaceuticals Inc (OSIP) click here. Osi Pharmaceuticals Inc (OSIP) has Short Term PowerRatings of 8. Details on Osi Pharmaceuticals Inc (OSIP) Short Term PowerRatings is available at This Link.

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