LEXINGTON, Mass.--(BUSINESS WIRE)--Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) today announced that it has repurchased, in privately negotiated transactions, $50 million in original principal amount of its 2.25% Convertible Subordinated Notes due June 15, 2013, at a weighted average price of approximately 93.69. Following these repurchases, $300 million principal amount of the convertible notes will remain outstanding. This represents 85.71% of the original $350 million original total principal amount. These repurchases will reduce Cubist’s dilutive potential shares of common stock outstanding by 1,624,905 shares. Cubist spent approximately $46.8 million on the repurchases plus accrued interest of $0.2 million. The transaction was funded out of the Company’s working capital.
