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DexCom Announces $350 Million Offering

DexCom Inc. announced that it is raising $300 million to settle debts and finance growth and manufacturing.

The company plans to raise the capital in an offering of convertible senior notes due in 2022.

The money will be used to pay back $75 million in debts, with the remaining going to general corporate purposes. The company said the money will be used in part to build out its 180,000-square-foot manufacturing facility in Arizona, where the company will be employing around 500 people in the Phoenix area.

DexCom may also use the extra capital to expand its current business through in-licensing or through acquisitions, the company said in a statement.

DexCom, which has a market cap of $6.4 billion, makes continuous glucose monitoring devices for patients with diabetes. The company reported record revenue of $570 million in 2016.

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