BioMarin's bulging coffers

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) wasted no time in parlaying a 52-week high into the largest biotech follow-on this year. The move surprised investors, as the company has more than a decade of cash on its balance sheet and expects to turn profitable in 2014.

The company hit a 52-week high of $39.29 on Tuesday, and two days later raised about $248.9 million through the sale of 6.5 million shares...