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BioMarin Offering of $450M of 0.599%
Senior Subordinated Convertible Notes due 2024
0.599% Senior Subordinated Convertible Notes
$495M (Underwriters exercise option)
$481.8 (Underwriters exercise option)
August 1, 2024
0.599% per year. Interest will be payable semiannually in arrears on February 1 and August 1 of each year, commencing February 1, 2018, at the close on the preceding January 15 and July 15, respectively.
Approximately 40.0% above the Last Reported Sale Price ($89.05) on August 7, 2017. The conversion price is about $124.67 per share, subject to adjustment.
Merrill Lynch, Pierce, Fenner & Smith Inc.
Goldman Sachs & Co. LLC
J.P. Morgan Securities LLC
A regulatory filing is scheduled for mid-2017. More top-line efficacy and neurocognitive results in 2017. Will we see positive neurocognitive results?
Recently approved for the USA, we expect slow sales for the first year with a stronger uptake afterwards. The EMA is scheduled for a Q3-2017 approval decision.
Management has (unsurprisingly) found a larger market than the original estimate of 500 patients, perhaps 1,500. As the drug helps patients to live longer, peak markets may be large. This scenario is cut short if and when rival cell therapies are successfully developed.
If approved, CEO JJ Bienaime estimates that peak sales will exceed $1B. We take a more cautious tact for now. If it maintains current results, peak revenues should exceed $650M
BMN-270 is an AAV-driven gene therapy that restores an essential clotting element, factor VIII, for hemophilia A. So far, extended results suggest that unlike prior AAV-delivered gene therapies, durable treatment effects are present. If these results truly hold and repeat, then this represents $650M+ in peak sales. Depending upon further robust results, this would be upwardly revised.
Original Article: BIoWatch Thoughts on BioMarin's Convertible NotesNEXT ARTICLE
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