Business

Cubist Pharmaceuticals to offer $600 million of convertible senior notes

Cubist is based in Lexington.
Cubist is based in Lexington.Globe File photo/2013

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Cubist Pharmaceuticals Inc. fell nearly 2 percent in after-hours trading Tuesday night and again on Wednesday after the company said it’s offering convertible senior notes worth up to $650 million to pay for an acquisition. Cubist cautioned that the offering may dilute the value of the current 66 million shares of stock. Most of the money raised will be used to help pay for Optimer Pharmaceuticals Inc., of New Jersey. The deal was one of two done recently, totaling $1.6 billion.

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