BioMarin raises $720M in follow-on

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) raised $720 million through the sale of 7.5 million shares at $96 in a follow-on underwritten by Goldman Sachs and BofA Merrill Lynch.

The company said it would use the funds for clinical trials and to expand its manufacturing capacity. Last month, FDA granted Priority Review to a BLA for Brineura cerliponase alfa ( BMN 190), a recombinant human tripeptidyl peptidase-1 ( TPP1) enzyme replacement therapy to treat neuronal ceroid lipofuscinosis type 2 (CLN2) disease, a form of Batten disease. Its PDUFA date is January 27, 2017. ...