CAMBRIDGE, Mass.--(BUSINESS WIRE)--May 22, 2006--Alkermes, Inc. (Nasdaq: ALKS - News) today announced that it is exercising its right to automatically convert all of its outstanding 2 1/2 % Convertible Subordinated Notes due 2023 (the “Notes”) into approximately 9,025,271 shares of common stock, pursuant to the terms of the Notes issued in August and September 2003. Under the terms of the Notes, Alkermes has the right to elect to automatically convert the Notes when the closing price of Alkermes’ common stock exceeds $20.78 for 20 trading days during any 30-day trading period. To offset the dilutive effect of share issuance, Alkermes also announced today that the Company will begin repurchasing shares of its common stock in the open market.
