NEW YORK, NY / ACCESSWIRE / October 22, 2015 / Keryx Biopharmaceuticals (NASDAQ: KERX) a drug developer with a focus on creating products that help treat renal diseases, recently announced the that it has entered into an agreement to raise $125 million through the private placement of convertible senior notes with funds managed by The Baupost Group, L.L.C. . Keryx intends to use the net proceeds from this offering for working capital and general corporate purposes including ongoing commercialization and development of Auryxia in the U.S.

The zero-coupon notes will mature in Oct 2020. The notes carry conversion feature. Price of the notes on conversion shall be equal to the closing price of Keryx's common stock on the day prior to closing, Oct 14, 2015, or $3.74 per share, subject to certain adjustments under the terms of the notes. As per the terms of the deal, Baupost will have the right to appoint a director to Keryx's board by the end of 2015. Keryx will increase the number of directors on its board to eight.

In addition, the company also announced the implementation of a cost reduction plan to significantly reduce the company's cash operating expenses. Excluding cost of goods sold, the company expects 2016 cash operating expenses to be in between $87 million and $92 million. Keryx plans to provide further details on 2016 financial guidance in early 2016. Promising signs for this biopharma that recently reached a new 52 - week low.

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