Apellis Pharma prices convertible debt offering; shares down 13%

|About: Apellis Pharmaceutical... (APLS)|By:, SA News Editor

Apellis Pharmaceuticals (APLS -12.5%) prices its offering of $220M of 3.500% convertible senior notes due 2026 at par. Initial purchasers will have the option buy an additional $33M of the notes.

The initial conversion rate is 25.3405 shares per $1,000 principal amount of the notes (~$39.46/share).

Net proceeds should be ~$212.9M, the majority of which will fund the continued development of APL-2.

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