BUZZ-Indivior Pharma rebounds after upsized $450 mln convertible bond offering

Reuters03-13

BUZZ-Indivior Pharma rebounds after upsized $450 mln convertible bond offering

** Indivior Pharmaceuticals INDV.O shares gap up as much as 4.3% to $32.18 early Fri after above-target haul

** North Chesterfield, VA-based opioid use disorder treatment firm late Thurs announced pricing private offering of $450 mln 0.625% 5-yr convertible bonds (CBs)

** Initial conversion price of $41.66 is 35% premium over stock's last close

** INDV shares finished down 6% on Thurs after co announced $400 mln offering

** Co intends to use ~$239 mln of net offering proceeds along with $102 mln of cash on hand to repay borrowings under term loan and revolver

** It also plans to repurchase about 2.4 mln shares, ~$75 mln worth, to facilitate hedging by investors in the CBs

** Stock last up 2.9% at $31.74. Shares down ~12% YTD after 189% gain in 2025

** All 7 analysts are bullish including 2 "strong buy" ratings; median PT $48, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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