BioMarin closes $325M offering

California, USA-based BioMarin Pharmaceutical has closed the sale of almost $324.9 million aggregate principal amount of its 1.875% senior subordinated convertible notes due 2017 (including nearly $42.4 million aggregate principal amount of notes purchased by the underwriter pursuant to its over-allotment option).

The company has received around $316.4 million from the sale of the notes after deducting the underwriting discount and estimated offering expenses and intends to use the net proceeds to fund future business development transactions and for general corporate purposes, including working capital. These may include acquisitions or licenses of complementary businesses, technologies or products. BioMarin notes that it has no material agreements or commitments with respect to any such acquisitions, license or investment and reserves the right, at the sole discretion of its board of directors, to re-allocate the use of proceeds in response to these and other factors.