Flexion Therapeutics $201.25 Million Convertible Senior Notes Offering

Davis Polk advised the representative of the initial purchasers in a Rule 144A offering by Flexion Therapeutics, Inc. of $201.25 million aggregate principal amount of its 3.375% convertible senior notes due 2024, which included $26.25 million aggregate principal amount of notes from the full exercise of the initial purchasers’ option to purchase additional notes.

Flexion Therapeutics is a specialty pharmaceutical company focused on the development and commercialization of novel, local therapies for the treatment of patients with musculoskeletal conditions, beginning with osteoarthritis (“OA”). Flexion's lead product candidate, Zilretta, is being investigated for its potential to provide improved analgesic therapy for the millions of U.S. patients who receive intra-articular injections for knee OA annually.

The Davis Polk corporate team included partner John B. Meade and associate Dan Gibbons. The product structuring team included partner Mark M. Mendez, counsel Justin Michael and associate Hanbing Zhang. The tax team included partner Lucy W. Farr and associate Yixuan Long. Counsel David R. Bauer and associate Arjun Ravi provided intellectual property and technology advice. All members of the Davis Polk team are based in the New York office.