RALEIGH, N.C. (AP) — Salix Pharmaceuticals Inc. said it increased the size of a planned offering of convertible senior notes, and now expects to raise $290 million after expenses from the sale.

After the markets closed on Thursday, Salix said it will sell $300 million in senior notes. The underwriters of the offer will have an option to buy up to $45 million in additional notes.

Earlier in the day, the company had said it planned to sell $200 million in notes, granting the underwriters an option to buy $30 million more.

Salix said most of the proceeds will be used to pay for business development and other activities, including commercializing its drug candidates, clinical trials, research and development and general and administrative costs.

The notes mill mature on May 15, 2015.