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Article: CV Therapeutics Gets Line Of Credit For Up To $200M.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Washington Editor
CV Therapeutics Inc. entered a deal to potentially raise up to $200 million through common stock sales to Azimuth Opportunity Ltd., which could become the biopharmaceutical firm's largest shareholder as a result.
"It's a flexible financing vehicle," explained John Bluth, CVT's senior director of corporate communications, "that gives us the opportunity to be flexible over the course of a three-year commitment."
Over that period, CVT is permitted to occasionally sell registered stock at a small discount to market (up to $200 million), or a number of shares that equal one less than 20 percent of CVT's issued and outstanding ...