Cytyc to sell bonds to pay for Novacept:
This article was originally published in Clinica
Executive Summary
Cervical cancer screening group Cytyc plans to sell $220m of convertible notes to help fund its $311m net cash purchase of Novacept. The Boxborough, Massachusetts-based company plans to sell the notes to qualified institutional buyers, and to grant the initial purchasers an option to buy up to $30m in additional notes. Cytyc announced its intention to acquire Novacept, which makes the NovaSure device to treat menorrhagia, earlier this month (see Clinica No 1098, p 13). It had said it would fund the deal through cash in hand and a bank financing.
You may also be interested in...
US Q1 Consumer Health Earnings Preview: Label This One Historic And Challenging But Promising
US OTC drug and supplement firms’ reports of results for the first three months of 2024 began on April 19 with P&G. JP Morgan analysts say while “some retailers in the US in particular” are reducing consumer health inventories, for the overall sector they expect “a healthier balance of positive volume and lower pricing contribution.”
Keeping Track: Cancer Approvals From Lumisight Imaging To Adjuvant Alecensa
The US FDA’s approval of Lumicell’s optical imaging agent Lumisight makes a dozen novel approvals in 2024 for the Center for Drug Evaluation and Research.
Partisan Politics Returns To US FDA Congressional Oversight
The US FDA has stood out as an agency that tends to draw broad bipartisan support amid a generally rancorous and divided Congress. A House hearing, however, may be a sign that those days are over.