Cosmo Pharma stock drops 16% after €175m CB surprises funds

Shares in Cosmo Pharmaceuticals, the Swiss-listed maker of gastro-intestinal drugs, plummeted by 16% on Thursday after it had launched a €175m convertible bond on Wednesday evening, after market close.

  • By Sam Kerr
  • 29 Nov 2018

Berenberg, Credit Suisse and Jefferies were bookrunners.

They launched the €175m five year deal with an increase option of €25m, at a coupon range of 1.75% to 2.5%. The conversion price was a fixed offer, at €122.7, the euro equivalent of a 20% premium to the reference price of ...

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