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Article: BioMarin Raises $324.9M Via Offering Of Convertible Notes.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
BioMarin Pharmaceutical Inc. closed on the sale of about $324.9 million in convertible notes, money that will be used to fund business development.
The 10-year, 1.875 percent senior subordinated notes are convertible into BioMarin common stock at an initial rate of 49.1171 shares per $1,000 principal amount, or about $20.36 per share, subject to certain potential adjustments. BioMarin's stock (NASDAQ:BMRN) lost 6 cents Tuesday to close at $16.50.
BioMarin received about $316.4 million from the notes sale after deducting the underwriting discount and offering expenses. Totals include about $42.4 purchased per the underwriter's ...