BioMarin refills coffers after acquisition

摘要

Biomarin pharmaceuticals replenished its cash reserves with US$792.6m of equity capital last week following its recent all-cash acquisition of muscular dystrophy drug firm Prosensa Holding NV. Bank of America Merrill Lynch, JP Morgan and Morgan Stanley priced an upsized offering of 8.5m shares at US$93.25 each after marketing 7.25m shares on an overnight basis. Prosensa, which went public in June 2013 at US$13 a share, was acquired last November at US$17.50 a share. Proceeds from the marketed offering would have fully offset BioMarin's US$680m acquisition cost.