Business notebook
French approval: Abiomed Inc. of Danvers received regulatory approval to sell its AB5000 circulatory support system in France.
Conversion: Pharmaceutical company Alkermes Inc. of Cambridge said it exercised its right to convert all of its 2.5 percent subordinated notes due 2023 outstanding into about 9 million shares of stock. To offset the dilutive effect of issuing the shares, Alkermes said it will begin repurchasing shares in the open market.
Hepatitis treatment: Vertex Pharmaceuticals Inc. of Cambridge said all 12 hepatitis C patients in a midstage clinical trial had undetectable levels of the virus after 28 days of the treatment VX-950.
Ratings cut: Moody's Investors Service said it cut its long-term rating of Woonsocket, R.I.-based drugstore chain CVS Corp. based on built-up debt from acquired stores. Senior unsecured debt was cut to Baa2, from Baa1, with a stable outlook.
Supply and demand: Bank of China had to print an extra 100,000 copies of its prospectus and 1 million more subscription forms for its $9.9 billion initial public offering next month -- expected to be the world's biggest IPO in six years. People in Hong Kong (right) formed long lines outside bank branches when China's number two lender began offering local investors 1.28 billion shares in the IPO, set to debut June 1 on the Hong Kong Stock Exchange.
Gap shoes: Apparel retailer Gap Inc. said its e-commerce division, Gap Inc. Direct, would launch an online footwear business to grab a piece of the lucrative shoe business. The unit is expected to be ready for the 2006 holiday season.
Relocating: Viega North America, a manufacturer of plumbing and heating products, said it would relocate its US headquarters from Bedford to Wichita. The headquarters relocation is expected to bring about 100 jobs to Wichita, where the company now has 25 employees.
Named: Oscient Pharmaceuticals Corp. of Waltham named Philippe Maitre senior vice president and chief financial officer, replacing Stephen Cohen who is retiring.
(Globe wire services)
