Glaukos (NYSE:GKOS) announced today that it entered into exchange agreements to repurchase approximately $230 million.
The company entered into separate, privately negotiated exchange agreements with certain holders of 2.75% convertible senior notes due 2027. Pursuant to these agreements, the company agreed to repurchase $230 million of existing convertible notes for aggregate consideration of shares of common stock. This remains subject to customary closing conditions.
Aliso Viejo, California-based Glaukos said in a news release that the number of shares remain to be determined over an averaging period beginning today, June 14. It expects the exchange transactions to close on or about June 25, 2024, subject to closing conditions.
Glaukos, an ophthalmic pharmaceutical and medical technology company, develops therapies for a number of chronic eye diseases. Its offerings extend to the treatment of glaucoma. It also develops therapies for corneal disorders and retinal diseases.
The company first developed micro-invasive glaucoma surgery (MIGS) as an alternative to traditional glaucoma treatments. Glaukos launched its first commercial MIGS device in 2012 and continues to develop its portfolio. Recent highlights include FDA approval for the iDose TR in December. iDose TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical therapy, continuously delivers 24/7 therapeutic levels of a proprietary formulation of travoprost inside the eye for extended periods.
