BioMarin closes $295M offering

California, USA-based BioMarin Pharmaceutical says that it has closed the sale of $172.5 million aggregate principal amount of its 2.50% senior subordinated convertible notes due 2013 (including $22.5 million aggregate principal amount of notes purchased by the underwriter pursuant to its over-allotment option) and the sale of 10,350,000 shares of its common stock (including 1,350,000 shares purchased by the underwriters pursuant to their over-allotment option).

The company has received approximately $167.1 million from the sale of the notes and around $127.6 million from the common shares, in each case after deducting the underwriting discount and estimated offering expenses.

BioMarin says it intends to use the net proceeds of the offerings for the commercialization of its products; additional clinical trials of Phenoptin (sapropterin dihydrochloride), Phenylase (phenylalanine ammonia lyase) and Vibrilase (vibriolysin); preclinical studies and clinical trials for its other product candidates; potential licenses and acquisitions of complementary technologies, products and companies; general corporate purposes, including acquisition costs related to the purchase of its facility located at 46 Galli Drive for which it is currently under contract; and working capital. It may also use a portion of the proceeds of the offerings to purchase some or all of its outstanding 3.50% convertible subordinated notes due 2008.