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Home Industry News Wyeth gives details of note offering

Wyeth gives details of note offering

23rd March 2007

US pharmaceutical firm Wyeth has announced the details of its $2.5 billion (1.3 billion pounds) note offering.

The public offering will consist of $2,000 million in 5.95 per cent notes, which are due on April 1st, 2037. A further $500 million of 5.45 per cent notes will be due on April 1st 2017.

Proceeds from the offering will be used for general corporate and working capital purposes.

The joint-lead managers of the sale are JP Morgan Chase and Citigroup Global Markets, while the deal is expected to close on March 27th 2007.

Meanwhile, the group recently announced that it had started clinical testing for a new formulation of oral methylnaltrexone for the treatment of opioid-induced constipation.

Preliminary results of a phase II trial suggested the original formulation was well tolerated overall, but there was not sufficient clinical activity to support phase III testing.

Robert Ruffolo, senior vice-president of Wyeth and president of Wyeth Research, said: “We remain strongly committed to the methylnaltrexone programme and intend to file an NDA later this month for the subcutaneous dose form.”

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