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THE WOODLANDS, Texas, Sep 23, 2020 (GLOBE NEWSWIRE via COMTEX) —
THE WOODLANDS, Texas, Sept. 23, 2020 (GLOBE NEWSWIRE) — Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) announced today that it has entered into separate, privately-negotiated exchange agreements with certain holders of its 5.25% Convertible Senior Notes due 2021 under which such holders have agreed to exchange an aggregate principal amount of $62.55 million of Notes in exchange for aggregate consideration consisting of $41.03 million in cash (including $1.07 million of accrued interest) and 8,746,117 shares of Lexicon’s common stock, par value $0.001 per share.
The transactions are expected to close by September 28, 2020, subject to customary closing conditions. Immediately following the closings, $24.95 million in aggregate principal amount of the Notes will remain outstanding.
The completion of the transactions will reduce Lexicon’s remaining interest expense through 2021