BioMarin raises $235.8mm in FOPO

In its first public offering in five years, rare disease drug developer BioMarin Pharmaceutical Inc. raised $235.8mm through the sale of 6.5mm shares at $36.28. Since the company’s April 2007 $316mm FOPO, its Kuvan (sapropterin dihydrochloride) phenylketonuria treatment has received FDA approval and its Firdapse (amifampridine) was launched in the EU for Lambert-Eaton myasthenic syndrome (an autoimmune disease). BioMarin also continues to develop its pipeline for other orphan indications such as Pompe disease and Morquio A, both lysosomal storage disorders.