Navigation Links
BioMarin Completes Partial Exchange of Convertible Notes Due 2013 for Common Stock
Date:11/9/2010

NOVATO, Calif., Nov. 9, 2010 /PRNewswire-FirstCall/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announced today that six holders of its 2.50% Convertible Senior Subordinated Notes due 2013 have agreed to exchange $87.0 million in aggregate principal amount of the notes for approximately 5.25 million shares of the Company's common stock.  The notes represented approximately 50% of the previously outstanding principal amount.  

"This partial exchange allows us to reduce the amount of debt on our balance sheet to a level that is more in-line with our cash balance while providing us with more flexibility to reacquire commercial rights to Aldurazyme if the opportunity arises," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin.  "The increase in stockholders' equity from the addition of the deferred tax assets to our balance sheet improved our debt-to-equity ratio from 137% in the second quarter of 2010 to 85% in the third quarter of 2010, and the conversion of the notes in this exchange further improved the ratio to 61% on a pro forma basis.  Beginning in 2011, this will reduce interest and other costs through maturity by up to $2.6 million annually."

The Company agreed to make a $10.3 million cash payment to the holders as an inducement to convert the notes.  The notes converted into shares of common stock in accordance with the original terms of the notes at a conversion price of approximately $16.58 per share.  This payment includes $5.4 million of accrued and future interest payments that will no longer be required.  The inducement payment is neither an offer to exchange nor a solicitation of an offer to exchange any of these securities.  The exchanges are exempt from registration under Section 3(a)(9) of the Securities Act of 1933.

About BioMarinBioMarin develops and commercializes innovative bioph
'/>"/>

SOURCE BioMarin Pharmaceutical Inc.
Copyright©2010 PR Newswire.
All rights reserved

Page: 1 2 3

Related medicine technology :

1. BioMarin Partner AnGes MG, Inc. Submits BLA to Japanese Ministry of Health
2. BioMarin Announces FDA Approval for Kuvan
3. BioMarin Initiates Phase 1 Clinical Study of PEG-PAL in PKU
4. BioMarin Announces Positive Results From Phase 2A Clinical Study of 6R-BH4 in Sickle Cell Disease
5. BioMarin Initiates Phase 1/2 Clinical Trial for GALNS for Morquio A Syndrome
6. BioMarin Initiates Phase 2 Clinical Study of PEG-PAL in PKU
7. BioMarin Acquires Huxley Pharmaceuticals, Inc.
8. BioMarin to Present at the Oppenheimer Healthcare Conference
9. BioMarin Announces Third Quarter 2009 Financial Results
10. BioMarin to Acquire LEAD Therapeutics
11. BioMarin to Present at the Credit Suisse Healthcare Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/15/2014)... 15, 2014 /PRNewswire-iReach/ -- ChinaMarketResearchReports.com adds "China Orthopedic Instrument ... (Photo: http://photos.prnewswire.com/prnh/20140115/MN46792 ) ... support, China,s orthopedic instrument industry ... market size rising from 3.28 billion yuan in 2006 ...
(Date:1/15/2014)... 15, 2014 AARP Foundation today announced it has established ... from the severe cold weather that has gripped much of ... those in need; so to support these emergency relief efforts ... $250,000, which could mean up to $500,000 in aid. The ...
(Date:1/15/2014)... DUBLIN , January 15, 2014 Shire plc ... waived the Office of Fair Trading (OFT) approval condition to the ... Incorporated (NASDAQ: VPHM).   As a result of the ... Shire expects to complete the tender offer on January 24, 2014 ...
Breaking Medicine Technology:Orthopedic Instrument Industry in China Markets Forecast to 2015 2Orthopedic Instrument Industry in China Markets Forecast to 2015 3AARP Foundation Establishes Winter Relief Fund for Older Adults Suffering from the Severe Cold Weather 2AARP Foundation Establishes Winter Relief Fund for Older Adults Suffering from the Severe Cold Weather 3Shire Waives OFT Condition Relating to the Acquisition of ViroPharma Inc. 2Shire Waives OFT Condition Relating to the Acquisition of ViroPharma Inc. 3
... Research presented at the American College of Allergy, Asthma ... intervention to reduce over-dispensing and waste of asthma medications ... in substantial cost savings. , Medco Health Solutions, Inc. ... study that examined the effectiveness and safety of a ...
... -- New research findings presented today at ... Conference in New York show promise in assessing ... medicine (CAM) using traditional research methods. Susan Sencer, ... Clinics of Minnesota (Children,s), presented findings on the ...
Cached Medicine Technology:New Research Shows Over-use of Asthma Rescue Inhalers Substantially Reduced Through Pharmacist-initiated Physician Intervention 2New Research Shows Over-use of Asthma Rescue Inhalers Substantially Reduced Through Pharmacist-initiated Physician Intervention 3New Research Shows Promise in Using Traditional Research Methods to Assess Efficacy of Complementary Therapies 2
(Date:4/17/2014)... created a new technology for modifying human cells ... body and selectively target cancer and other sites ... monitor and modify human physiology is a promising ... technology enabled bioengineers to build such devices that ... a customized fashion. , "The project addressed a ...
(Date:4/17/2014)... CHICAGO, IL, April 17, 2014-- Colic affects about one ... accounts for numerous pediatric visits during the first several ... of colic symptoms was showing promise; however, the April ... (BMJ2014;348:g2107; Sung, Valerie) reported on a study, "Probiotics ... probiotic L reuteri for infant colic ...
(Date:4/17/2014)... Spending time online has the potential to ward off ... according to research published online in The ... Sciences . In the article " Internet Use ... States: A Longitudinal Analysis ," the authors report that ... by 33 percent among their study sample. , ...
(Date:4/17/2014)... blood flow and alleviates muscle soreness after exercise, ... University of Illinois at Chicago. , The study, ... Archives of Physical Medicine and Rehabilitation , ... people who had not exercised, suggesting that massage ... of physical activity. , Improved circulation and relief ...
(Date:4/17/2014)... Johnston, whose work has transformed cancer care in Northern ... European Academy of Cancer Sciences., The Academy, which was ... highly distinguished oncologists and cancer researchers which aims to ... Europe. , Professor Johnston, whose leadership has seen cancer ... of the UK league table to near the top, ...
Breaking Medicine News(10 mins):Health News:Building 'smart' cell-based therapies 2Health News:New study says probiotic use for infant colic is not effective in reducing symptoms 2Health News:Internet use may cut retirees' depression 2Health News:Massage therapy improves circulation, eases muscle soreness 2
... Amazing Contributions of John Price, an Influential ... of the YMCA for More Than 50 Years, PLEASANT HILL, ... 28th Annual Boosters Gala on Friday, October 17, 2008 at,the Diablo ... the 50 years of community service the Y has provided,throughout Contra ...
... monitored, study says , , TUESDAY, Oct. 14 (HealthDay News) ... disease may be at increased risk of developing vitamin ... essential in the body,s absorption of calcium, giving the ... strong, healthy bones. , Two separate studies, presented recently ...
... independent healthcare quality ratings company, today announced that it expects total ... approximately $10 million. This represents an increase of 23% compared with ... ... Colo. (Business Wire EON) October 14, 2008 -- HealthGrades also ...
... ... WALTHAM, Mass., Oct. 14 Decision Resources, one ... and,healthcare issues, finds that the rapid uptake of biosimilar ... drugs within this,class. The most notable near-term biosimilar targets ...
... adoption of xenograft mesh to drive revenues, according to Millennium ... ... Millennium,Research Group,s (MRG,s) US Markets for Soft Tissue Repair 2009 report, the,US ... is,expected to rise to over $825 million over the next five years. ...
... The economy is in turmoil. The,stock market appears to ... are disappearing. Headlines scream out to us and we begin ... a dream that cannot,be turned into reality. We wait to ... forthcoming. We are drowning in their silence,and a sense of ...
Cached Medicine News:Health News:Mt. Diablo Region YMCA to Celebrate 50 Years of Community Service at 28th Annual Boosters Gala on October 17, 2008 2Health News:IBD, Liver Disease Patients Show Vitamin D Deficits 2Health News: HealthGrades Expects Third Quarter Revenue of Approximately $10 Million : Full-Year 2008 Ratings and Advisory Revenue to Be $39 Million to $40 Million Company Provides Update on Stock Repurchase Program 2Health News: HealthGrades Expects Third Quarter Revenue of Approximately $10 Million : Full-Year 2008 Ratings and Advisory Revenue to Be $39 Million to $40 Million Company Provides Update on Stock Repurchase Program 3Health News:Biosimilar Monoclonal Antibodies in Oncology Will Approach Blockbuster Status by 2017 2Health News:Biosimilar Monoclonal Antibodies in Oncology Will Approach Blockbuster Status by 2017 3Health News:Ventral Hernia Repair Market to Grow to Over $800 Million in 2013 2Health News:Exercise Can Help You Cope with Financial Stress and Heal Emotional Pain, Says Acclaimed Author and Psychotherapist 2
The Fathom Guidewire combines a nitinol hypotube distal segment with advanced microfabrication technology, creating a design that revolutionizes access of the most tortuous vasculature....
... (hepatitis C virus) is a Microparticle Enzyme ... anti-HCV IgG to HCV recombinant proteins in ... EDTA, sodium heparin, lithium heparin, sodium citrate ... with other laboratory results and clinical information, ...
... MasterControl architecture is the power behind ... provides all the essential building blocks ... management system to boost operational efficiency, ... with regulatory and quality standards. Click ...
... systems are automated, easy to operate and ... outside environment by flexible snap-seal pockets which ... viral contamination of the water. Offered in ... can also accommodate bags of various sizes. ...
Medicine Products: