BioMarin raises $680M in bumped-up note deal

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) raised $680 million through the sale of senior subordinated convertible notes. The notes comprise $340 million in 0.75% notes maturing Oct. 15, 2018, and $340 million in 1.5% notes maturing Oct. 15, 2020. Both sets of notes initially convert at $94.15, which is a 30% premium to BioMarin's close of $72.33 on Monday, before the company proposed to raise $600 million in the note deal. BofA Merrill Lynch; Goldman Sachs; JPMorgan; Morgan Stanley; and Barclays are underwriters.

BioMarin's portfolio includes four marketed ultra-Orphan drugs, and another that is under review in the EU and U.S. Vimizim elosulfase alfa is a recombinant human N-acetylgalactosamine-6-sulfatase under review for mucopolysaccharidosis IVA (MPS-IVA, Morquio's syndrome) with a Feb. 28, 2014, PDUFA date (see BioCentury Extra, Sept. 17). ...