BRIDGEWATER, N.J.--(BUSINESS WIRE)--May 16, 2006--Enzon Pharmaceuticals, Inc., (NASDAQ: ENZN - News) announced today that it has commenced a private placement of up to $175 million aggregate principal amount of convertible senior notes due 2013. Enzon expects to grant the initial purchasers an option to purchase up to an additional $50 million aggregate principal amount of such notes. Enzon intends to use the proceeds from the offering to acquire from time to time its outstanding 4 1/2% convertible subordinated notes due 2008 which acquisitions it may effect through various methods, including tender offers, open market purchases, privately negotiated transactions or other transactions. Enzon currently has $394 million aggregate principal amount of 4 1/2% convertible subordinated notes due 2008 outstanding.
