BioMarin Pharma's (BMRN) 7.5M Common Stock Offering Prices at $96/Share

August 9, 2016 9:02 AM EDT

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BioMarin Pharma's (NASDAQ: BMRN) 7.5M Common Stock Offering Prices at $96/Share

Update from press release:

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announced today the pricing of an underwritten public offering of 7,500,000 shares of its common stock at a price to the public of $96.00 per share. The gross proceeds to BioMarin from this offering are expected to be approximately $720.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by BioMarin. The offering is expected to close on or about August 12, 2016, subject to the satisfaction of customary closing conditions. BioMarin has also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock. BioMarin intends to use the net proceeds from the offering for general corporate purposes, including clinical trials of its product candidates and the expansion of its manufacturing capacity, particularly with respect to its manufacturing capability for its gene therapy program.

Goldman, Sachs & Co. and BofA Merrill Lynch are acting as joint book-running managers for the offering.

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