Jazz Pharmaceuticals

Jazz Pharmaceuticals priced a senior exchangeable note with a 1.875% coupon due September 15, 2032, with an aggregate principal amount of $1.1 billion; the size was increased from the originally announced $1.0 billion and buyers may purchase additional notes up to $150 million within 13 days. The initial exchange rate is 2.8150 common shares per $1,000 principal (exchange price about $355.24), roughly 42.5% above the most recently reported closing price. Jazz estimates net proceeds of about $1,079.0 million (approximately $1,226.4 million if the overallotment option is fully exercised) and intends to use the proceeds for general corporate purposes; the company also agreed to a private repurchase of its own shares totaling about $225 million at $249.29 per share. » More on de.investing.com

Jazz Pharmaceuticals, through a subsidiary, announced a private placement of exchangeable, senior notes totaling $1.0 billion due 2032 with an upsize option of $150 million. The notes are, under certain conditions, divisible and will be settled in cash up to the principal amount; beyond that, cash, Jazz shares or a combination may be delivered. They pay interest semiannually, are backed by a senior unsecured guarantee, and net proceeds are intended for general corporate purposes. In parallel, Jazz plans repurchases of its common stock of up to $225 million from the note purchasers; execution and final terms depend on market conditions. » More on de.investing.com

The FDA has approved Ziihera for first-line treatment of adults with inoperable, locally advanced or metastatic HER2-positive gastroesophageal adenocarcinoma. Two combination therapies with Ziihera were approved, including one with the PD-1 inhibitor tislelizumab; both reduced the risk of progression or death by 35% in the phase 3 trial and extended median progression-free survival to 12.4 months versus 8.1 months. The Ziihera combination lowered the risk of death by 28% in the overall HER2-positive population and achieved a median overall survival of 26.4 months versus 19.2 months with trastuzumab plus chemotherapy. The most common side effect was diarrhea, which was mostly manageable; about 20% of GEA patients are HER2-positive, and more than 31,000 new stomach cancer cases are diagnosed annually in the US. » More on de.investing.com