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NPS Pharmaceuticals Commences Tender Offer for 3.0% Convertible Notes Due 2008
Date:9/6/2007

PARSIPPANY, N.J., Sept. 6 /PRNewswire-FirstCall/ -- NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) announced today that it has commenced a cash tender offer for any and all of its outstanding 3.0% Convertible Notes due 2008. The tender offer will expire at midnight, Eastern Time on October 4, 2007, unless extended. The tender offer, which is described fully in an offer to purchase and the related letter of transmittal, is not subject to the receipt of any minimum amount of tenders.

NPS Pharmaceuticals is purchasing the notes to reduce outstanding debt and reduce interest expense. The tender offer will be funded from the proceeds of the company's recently completed offering of $50 million aggregate principal amount of 5.75% convertible notes due August 7, 2014, a private placement of $100 million of secured 15.5% Sensipar B Bonds due March 30, 2017 completed by its subsidiary and a $50 million up-front payment received from Drug Royalty L.P.3 as part of the NPS Pharmaceuticals' sale and assignment of its right to receive royalty payments on sales of PREOTACT(R). NPS Pharmaceuticals is offering to purchase the notes at a price of $982.50 for each $1,000 of principal amount of notes tendered, plus accrued and unpaid interest up to, but not including, the date the notes are paid pursuant to the offer.

NPS Pharmaceuticals has retained Jefferies & Company, Inc. to act as Dealer Manager in connection with the offer.

U.S. Bank National Association has been appointed to act as the depositary for the offer, and D.F. King & Co., Inc. has been appointed to serve as information agent. Questions and requests for assistance and copies of the offer to purchase and the related letter of transmittal may be directed to the i
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SOURCE NPS Pharmaceuticals, Inc.
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