BioMarin completes $96.6 million public offering

BioMarin Pharmaceutical of California, USA, has announced the completionof a public offering of just over 8 million shares, including a little more than 1 million shares to cover over-allotments. The total offering price was $96.6 million, and net proceeds to the firm, before expenses, were approximately $90.8 million.

BioMarin intends to use the net proceeds from the sale to fund further development of Aldurazyme (laronidase), an investigational enzyme replacement therapy for patients with mucopolysaccharidosis-1. The firm, with partner Genzyme General, has just completed a Phase III clinical trial of the treatment (Marketletter November 12).

The funds will also be used for additional clinical trials and manufacturing of Neutralase (heparinase 1) and acquisitions of complementary technologies and products. The managing underwriters of the offering were UBS Warburg, CIBC World Markets Corp and US Bancorp Piper Jaffray.