BioMarin Raises $550 Million in Debt Offering
May 12, 2020
Rare Daily Staff
BioMarin Pharmaceutical has raised $550 million in an upsized private placement of 1.25 percent senior subordinated convertible notes due 2027 to qualified institutional buyers.
Initial purchasers of the notes have a 13-day option to purchase up to an additional $50 million of notes.
BioMarin intends to use a majority of the net proceeds from the offering to settle some or all of its 1.50 percent senior subordinated convertible notes due in 2020. It also intends to use $50 million of the net proceeds to repurchase shares of its common stock and to use the remainder for general corporate purposes.
BioMarin is a leader in developing and commercializing innovative therapies for serious and life-threatening rare genetic diseases. The biotech’s portfolio consists of six commercialized products and multiple clinical and pre-clinical product candidates.
The company has moved aggressively into gene therapies. It is collaborating with gene therapy platform company Dinaqor to develop gene therapies for rare cardiomyopathies. The company also recently submitted its first gene therapy candidate for hemophilia type A to the U.S. Food and Drug Administration for marketing approval, with a PDUFA date of August 21, 2020.
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