BioMarin: Orphan no longer

BioMarin (BMRN; SWX:BMRN, Novato, Calif.) will purchase all pharmaceutical compounds from Ibex (TSE:IBT, Montreal, Quebec) for $8.5 million in stock and $2 million in cash (see B3).The deal includes Neutralase, an injectable heparinase for reversing heparin-like anti-coagulation following coronary artery bypass graft surgery (CABG). BMRN also gets Phenylase oral phenylalanine ammonia lyase, which is in preclinical development to treat phenylketonuria (PKU), a genetic disorder.

Chairman and CEO Fredric Price said the deal fits BMRN's expertise in enzymes, while broadening the company's focus beyond orphan populations. BMRN's lead compound, Aldurazyme, is in Phase III development with partner Genzyme General (GENZ, Cambridge, Mass.) to treat Mucopolysaccharidosis I (MPS I), a lysosomal storage disease. The company's recombinant human arylsulfatase B (rhASB) is in Phase I testing for MPS VI...