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BioMarin Announces Buy Back of Naglazyme Royalties From Adelaide Health Authority
Date:11/30/2011

NOVATO, Calif., Nov. 30, 2011 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that it has completed the buy back of certain intellectual property from SA Pathology, a unit of the Central Adelaide Local Health Network located in Adelaide, Australia for an upfront payment of $81 million.  The intellectual property includes patents related to the purified form of Naglazyme and the method of using the enzyme in the treatment of MPS VI, which expire between 2022 and 2023.  Prior to this transaction, BioMarin licensed this intellectual property from SA Pathology and paid a five percent royalty on net sales of Naglazyme. 

"We are pleased to complete this transaction as we are confident in the future sales potential of Naglazyme.  We continue to expand the product into new geographies and expect steady growth for years to come.  We do not see any competition on the horizon due to the extremely small patient population, the complexity and expense of manufacturing the product and the intellectual property covered by the patents," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin.  "The transaction will allow BioMarin to generate approximately $10 to $15 million in cash per year with no incremental operating costs.  This deal makes sense for BioMarin because we see continued growth in the global Naglazyme business."

About BioMarinBioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. The company's product portfolio comprises four approved products and multiple clinical and pre-clinical product candidates. Approved products include Naglazyme® (galsulfase) for mucopolysaccharidosis VI (MPS VI), a product wholly developed and commercialized by BioMarin; Aldurazyme® (laronidase) for mucopolysaccharidosis I (MPS I), a product which B
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SOURCE BioMarin Pharmaceutical Inc.
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