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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
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SOURCE BioMarin Pharmaceutical Inc.
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