Keryx Biopharmaceuticals Announces $125 Million Private Placement of Convertible Senior Notes With The Baupost Group, L.L.C.

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Go back to Keryx Biopharmaceuticals Announces $125 Million Private Placement of Convertible Senior Notes With The Baupost Group, L.L.C.

FBR Capital Reiterates Market Perform Following Keryx Biopharma's (KERX) Recent Financing

October 19, 2015 2:48 PM EDT

FBR Capital reiterated a Market Perform rating and $10.00 price target on Keryx Biopharmaceuticals (NASDAQ: KERX) following recent financing. Keryx Biopharmaceuticals raised $125 million in a private placement exchange of senior convertible notes with the Baupost Group.

Analyst Christopher James commented, "Last week, Keryx Biopharmaceuticals raised $125 million in a private... More

Keryx Biopharma (KERX) Announces $125M Private Placement of Conv. Notes with The Baupost Group

October 15, 2015 7:02 AM EDT

Keryx Biopharma (NASDAQ: KERX) announced that it has entered into an agreement to raise $125 million through the private placement of Convertible Senior Notes, due 2020, with funds managed by The Baupost Group, L.L.C. With the additional capital, Keryx has a pro-forma cash position of approximately $225 million as of September 30, 2015. In conjunction with the financing, Keryx will increase the number of directors on its Board to eight, as Baupost will have the right to appoint a director to Keryxs Board by the end of 2015. Baupost will also appoint an observer to Keryxs... More