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BioMarin and La Jolla Pharmaceutical Sign Worldwide (Excluding Asia Pacific) Development and Commercialization Agreement for Riquent
Date:1/6/2009

osts. La Jolla expects consideration from the deal to significantly cover the remaining costs of the Phase 3 ASPEN study. The collaboration also provides La Jolla an ability to participate equally in sales and marketing responsibilities in the United States to facilitate building its commercial infrastructure. La Jolla will maintain primary manufacturing responsibility, and work collaboratively with BioMarin to maximize supply chain and process efficiencies.

Upfront Payment

Upon signing, BioMarin will pay La Jolla a total upfront payment of $15 million, $7.5 million in cash and $7.5 million for the purchase of 3,391,035 preferred shares at a price per share of $2.21171. The preferred shares are initially convertible at a rate of three shares of common stock for every one preferred share. This is equivalent to a common stock purchase price of $0.73724, a 20% premium to the average closing price for La Jolla's common stock over the previous 20 trading days.

Clinical Milestones

Depending on the outcomes (non-futile or achievement of p-value, p<0.001) of two predefined interim efficacy analyses in the Phase 3 ASPEN study as well as the complete Phase 3 clinical results, BioMarin will pay La Jolla up to an additional $47.5 to $92.5 million in clinical milestone and full participation payments prior to approval. BioMarin may apply up to $20.0 million of these pre-approval clinical milestones toward additional purchases of La Jolla preferred stock. If the first interim efficacy analysis results in a non-futile determination by the Data Monitoring Board, BioMarin will pay a milestone of $15 million to maintain its license option. If the second interim efficacy analysis results in a non-futile determination by the Data Monitoring Board, BioMarin will pay a milestone of $22.5 million to continue its license option, $5 million of which may be used to purchase additional equity.


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SOURCE BioMarin Pharmaceutical Inc.; La Jolla Pharmaceutical Company
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