Cubist Pharmaceuticals Repurchases $50 Million of Its 2.25% Convertible Subordinated Notes Due June 15, 2013.Reduces Cubist's Dilutive Potential Shares Outstanding by More Than 1.6 Million Shares LEXINGTON, Mass. -- Cubist Pharmaceuticals, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CBST CBST Center for Biophotonics Science and Technology CBST Congregation Beth Simcha Torah (NYC) CBST Complete Binary Search Tree ) today announced that it has repurchased, in privately negotiated transactions, $50 million in original principal amount of its 2.25% Convertible Subordinated Notes due June 15, 2013, at a weighted average price of approximately 93.69. Following these repurchases, $300 million principal amount of the convertible notes will remain outstanding. This represents 85.71% of the original $350 million original total principal amount. These repurchases will reduce Cubist's dilutive potential shares of common stock outstanding by 1,624,905 shares. Cubist spent approximately $46.8 million on the repurchases plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. of $0.2 million. The transaction was funded out of the Company's working capital. About Cubist Cubist Pharmaceuticals, Inc. is a biopharmaceutical company focused on the research, development, and commercialization of pharmaceutical products that address unmet medical needs in the acute care environment. In the U.S., Cubist markets CUBICIN[R](daptomycin for injection), the first antibiotic in a new class of antiinfectives called lipopeptides. The Cubist product pipeline includes pre-clinical programs that address unmet medical need in Gram-positive infections, Gram-negative infections, CDAD CDAD Clostridium Difficile-Associated Diarrhea CDAD Component Data Administrator (Clostridium clostridium Any of the rod-shaped, usually gram-positive bacteria (see gram stain) that make up the genus Clostridium. They are found in soil, water, and the intestinal tracts of humans and other animals. Some species grow only in the complete absence of oxygen. difficile-associated diarrhea), and HCV HCV abbr. hepatitis C virus HCV 1 Hepatitis C virus, see there 2. Human coronavirus. See Coronavirus. (Hepatitis C infections.) Cubist is headquartered in Lexington, MA. Additional information can be found at Cubist's web site at www.cubist.com. Cubist and CUBICIN are registered trademarks of Cubist Pharmaceuticals, Inc. |
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