Gensia Debt Converted
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Carlo Salvi--Gensia Sicor Inc.’s chief executive and largest shareholder--has agreed to purchase $10 million worth of convertible debt in the Irvine drug maker that could increase his 38% stake to 40%, the company said this week.
Salvi has purchased $5 million worth of the debt and is expected to buy the rest before the year’s end, the company said.
Salvi is investing in notes that he can convert, at his option, into stock--at a price of $4.50 a share--within the next two years. The stock closed Thursday at $4.13 a share, off 3 cents, in Nasdaq trading.
Proceeds from the purchase will help fund company operations as it awaits regulatory approval to start production of generic drugs.
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