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In The News

BioMarin Pharmaceutical Inc. raises 235M

BioMarin Pharmaceutical, which is already public, has just raised $235 million in an offering underwritten by Barclays and Bank of America Merrill Lynch.

The Novato company focuses on treatments for rare genetic metabolic diseases, including one affecting as few as 5,000 people worldwide. It has four drugs on the market and seven more in clinical trials this year.

Founded in 1997, BioMarin has 800 employees worldwide and reported $376.3 million in revenue in 2010. The company, with operations in 40 countries, is looking to spend up to $275 million in R&D this year.

"We have a strong drug development engine that we need to keep feeding," said company spokesman Bob Purcell.

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