SAN RAFAEL, Calif.,
May 11, 2020 /PRNewswire/
-- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced
that it intends to offer, subject to market conditions and other
factors, $500.0 million aggregate
principal amount of 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. BioMarin
also intends to grant the initial purchasers of the notes a 13-day
option to purchase up to an additional $50.0
million aggregate principal amount of notes.
The notes will be general senior subordinated, unsecured
obligations of BioMarin and will accrue interest payable
semi-annually in arrears. The notes will be convertible into shares
of BioMarin's common stock. The interest rate, initial conversion
rate and other terms of the notes will be determined at the time of
pricing of the offering.
BioMarin intends to use up to $50.0
million of the net proceeds from the offering to repurchase
shares of its common stock either concurrently with the offering in
privately negotiated transactions with purchasers of the notes
effected through one of the initial purchasers or its affiliate, as
BioMarin's agent, or following the offering in privately negotiated
or other repurchase transactions. BioMarin intends to use a
majority of the net proceeds from the offering to repay, repurchase
or settle in cash some or all of its 1.50% senior subordinated
convertible notes due in 2020, although it does not intend to
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.
About BioMarin
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
Inc.
Forward-Looking Statements
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 proposed
terms of the notes and the share repurchase, the completion, timing
and size of the proposed offering, and 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 quarter 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.
Contacts:
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|
Investors
|
Media
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Traci
McCarty
|
Debra
Charlesworth
|
BioMarin
Pharmaceutical Inc.
|
BioMarin
Pharmaceutical Inc.
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(415)
455-7558
|
(415)
455-7451
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SOURCE BioMarin Pharmaceutical Inc.