ARTICLE | Finance

Ebb & Flow

March 27, 2006 8:00 AM UTC

BioMarin (BMRN; SWX:BMRN) last week tapped the debt and equity markets to the tune of $267 million in a follow-on and senior subordinated note deal. The financings punctuate the end of BMRN's pediatric detour, and show that investors were ready to reward the company for progress with its enzyme therapy products.

BMRN's bumped-up note deal raised $150 million. The company proposed earlier last week to raise $125 million in that financing. The notes mature in 2013, bear 2.5% interest and convert into stock at $16.58, which would be a 24% premium to Friday's close of $13.32. In the follow-on, BMRN raised $117 million through the sale of 9 million shares at $13. Merrill Lynch was the book-running manager of both offerings, while Cowen; Leerink; Pacific Growth; and Rodman were co-managers...