BioMarin in offering of $450 M

BioMarin in offering of $450 M

August 7, 2017 Off By Dino Mustafić

BioMarin Pharmaceutical issued a press release on Mondayan in which it announced underwritten offering of $450 million of senior subordinated convertible notes due 2024. BioMarin has also granted the underwriters a 13-day option to buy up to an additional $50 million aggregate principal amount of Notes.

BioMarin said it intends to use a majority of the net proceeds from the offering to repay, repurchase or settle in cash some or all of BioMarin’s 0.75% senior subordinated convertible notes due in October 2018, although it does not intend to effect any such repayment or repurchase concurrently with the offering.

Furthermore, it said it intends to use the remaining net proceeds from this offering for general corporate purposes, including clinical trials of its product candidates and the expansion of its manufacturing capacity, particularly with respect to the manufacturing capability for its gene therapy program. The Notes will be convertible into shares of BioMarin’s common stock plus, if applicable, cash in lieu of any fractional share, the company said in a press release.