BioCentury on BioBusiness,
Monday, July 26, 1999
By Shaun Brown& Eric Pierce
Like the Space Shuttle, BioMarin (SWX:BMRN; BMRN) got its IPO off the ground at the third time of asking. The company originally had planned to conclude its dual NASDAQ/SWX New Markets listing last Tuesday and then on Thursday, but fell foul of SEC requests for additional information in the prospectus.
The U.S. agency is understood to have wanted more detail on BioMarin/Genzyme LLC, a 50-50 joint venture that is developing a BLA filing to the FDA for BMRN's BM101 for MPS-I, a genetic disease in children. But on Friday the offering of 4.5 million shares finally closed at CHF20, and finished in trading on the Swiss floor at CHF24.05, giving a market cap of CHF834.5 million ($529.8 million). Concurrent to the IPO, GENZ bought an additional $10 million of shares at $13 (769,230 shares).
BMRN gained $0.125 on NASDAQ at $13.125, still valuing the carbohydrate enzyme therapeutics developer at $455.4 million (including the Genzyme purchase). That's the highest post-money valuation since Affymetrix's IPO in June 1996, which valued the gene array company at $331.5 million.
Institutions took up most of the BMRN deal, with 60 percent sold in Europe and the remainder in the U.S.
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