Vertex Pharmaceuticals agrees to sell 3.35% convertible senior subordinated notes due 2015

Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced that it has entered into an agreement to sell $375.0 million aggregate principal amount of 3.35% convertible senior subordinated notes due 2015. Vertex has granted the underwriter an option to purchase up to an additional $25.0 million aggregate principal amount of notes on the same terms and conditions.

The notes will be convertible by holders into shares of Vertex common stock at an initial conversion rate of 20.4794 shares of common stock per $1,000 principal amount of notes (subject to adjustment in certain circumstances), which represents an initial conversion price of approximately $48.83 per share.

BofA Merrill Lynch is acting as the sole underwriter in the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. An automatically effective shelf registration statement relating to the notes Vertex intends to sell has been filed with the Securities and Exchange Commission. Any offer of notes will be made only by means of a prospectus, including a prospectus supplement, forming a part of the automatically effective shelf registration statement. A copy of the prospectus for the offering can be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or email [email protected].