NOVATO, Calif. – BioMarin Pharmaceutical Inc., a gene therapy developer, went public July 22, offering 4.5 million shares. The company’s stock priced at $13 apiece, the high end of its $11 to $13 filing range.
U.S. Bancorp Piper Jaffray, Bank J. Vontobel & Co. AG, Schroders & Co. Inc. and Leerink Swann & Co. underwrote the initial public offering, which left 34.12 million shares outstanding.
Glyko Biomedical Ltd., BB BioVentures, Genzyme Corp. and LaMont Asset Management were venture backers. There were no selling shareholders, but 769,230 shares were issued to Genzyme in a concurrent private placement.
BioMarin develops carbohydrate enzyme therapies for debilitating, life-threatening, chronic genetic disorders and other diseases and conditions. The company has completed clinical trials for its lead product, BM101, used in the treatment of mucopolysaccharidosis-I (MPS-I), a life threatening genetic disorder. BioMarin, which has entered a joint venture with Genzyme to develop and commercialize BM101, intends to apply for a license with the Food and Drug Administration to market their product later this year.
The company will use the $62.9 million garnered by the initial public offering to develop and commercialize BM101, for research and development and other general corporate purposes.
BioMarin has never been profitable since its inception in March 1997, losing $12.3 million in 1998.
Erich Sager, chairman of LaMont Asset Management, joined the company’s board of directors in November 1997, followed in December 1997 by Ansbert Gadicke, chairman and managing director of BB BioVentures.
BioMarin Pharmaceuticals – Selected Financial
(in thousands, except per share data)
March 21, 1997 (inception) Year Ended December 31, Three Months Ended March 31,
to December 31, 1997 1998 1998* 1999*
Revenue – 1,190 – 1,104
Net loss -2,763 -12,314 -1,319 -4,610
Net loss per share -0.34 -0.55 -0.06 -0.18