SAN RAFAEL, Calif.,
May 19, 2020 /PRNewswire/
-- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced
that the initial purchasers of the previously announced offering of
its 1.25% Senior Subordinated Convertible Notes due 2027 in a
private placement to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended elected to
exercise in full their 13-day option to purchase an additional
$50 million aggregate principal
amount of the notes (the "Additional Notes"). The sale of the
Additional Notes closed today.
The Additional Notes have identical terms to the 1.25% Senior
Subordinated Convertible Notes due 2027 sold on May 14, 2020 (the "Original Notes" and, together
with the Additional Notes, the "Notes") and, following today's
closing, there is a total of $600
million aggregate principal amount of Notes outstanding. The
aggregate net proceeds from the offering of the Notes was
approximately $585.8 million after
deducting the initial purchasers' discounts and commissions and
estimated expenses payable by BioMarin. BioMarin used approximately
$50.0 million of the net proceeds
from the offering to repurchase shares of its common stock
concurrently with the offering of the Original Notes in privately
negotiated transactions with purchasers of the notes effected
through one of the initial purchasers or its affiliate, as
BioMarin's agent. BioMarin intends to use a majority of the net
proceeds from the offering of the Notes to repay, repurchase or
settle in cash some or all of its 1.50% senior subordinated
convertible notes due in 2020, although it did not effect any such
repayment, repurchase or settlement concurrently with the offering.
BioMarin intends to use the remainder of the net proceeds for
general corporate purposes.
The offer and sale of the Notes and the shares of BioMarin
common stock issuable upon conversion of the Notes have not been
registered under the Securities Act or any state securities laws,
and unless so registered, the Notes and such shares may not be
offered or sold in the United
States absent registration or an applicable exemption from,
or in a transaction not subject to, the registration requirements
of the Securities Act and other applicable securities laws.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities, nor shall it
constitute an offer, solicitation or sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
BioMarin is a global biotechnology company that develops and
commercializes innovative therapies for serious and
life-threatening rare genetic diseases. The Company's portfolio
consists of six commercialized products and multiple clinical and
pre-clinical product candidates.
BioMarin® is a registered trademark of BioMarin Pharmaceutical
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements
include, but are not limited to, statements concerning the
anticipated use of the net proceeds from the offering.
Forward-looking statements include all statements that are not
historical facts. In some cases, forward-looking statements can be
identified by terms such as "anticipates," "believes," "could,"
"estimates," "expects," "intends," "may," "plans," "potential,"
"will," or similar expressions and the negatives of those words.
Forward-looking statements involve substantial risks and
uncertainties that may cause actual results to differ materially
from those that BioMarin expects. These risks and uncertainties
include market risks, trends and conditions. These and other risks
are more fully described in BioMarin's filings with the Securities
and Exchange Commission, including in the section titled "Risk
Factors" in its Quarterly Report on Form 10-Q for the year ended
March 31, 2020. It is not possible
for BioMarin to predict all risks, nor can BioMarin assess the
impact of all factors on its business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements it may make. In light of these risks, you should not
place undue reliance on such forward-looking statements.
Forward-looking statements represent BioMarin's beliefs and
assumptions only as of the date of this press release. BioMarin
disclaims any obligation to update forward-looking statements.
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SOURCE BioMarin Pharmaceutical Inc.