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Drugmaker United Therapeutics Corp. said Wednesday it priced an offering of $250 million in convertible senior notes due in September 2016, and will use the proceeds to buy back stock.

The company said $210 million in senior notes will be sold to institutional buyers, and the initial purchaser exercised an option to buy another $40 in notes. United Therapeutics said it expects the transaction to close Monday.

United Therapeutics' board had authorized the repurchase of up to $300 million in stock, and the company said Wednesday it will use the proceeds of the note sale to buy back $212 million in shares.

Shares of United Therapeutics fell 30 cents to $39.44.

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