Press release from PR Newswire
BioMarin Announces Buy Back of Naglazyme Royalties From Adelaide Health Authority
Wednesday, November 30, 2011
BioMarin Announces Buy Back of Naglazyme Royalties From Adelaide Health Authority16:00 EST Wednesday, November 30, 2011NOVATO, Calif., Nov. 30, 2011 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that it has completed the buy back of certain intellectual property from SA Pathology, a unit of the Central Adelaide Local Health Network located in Adelaide, Australia for an upfront payment of $81 million. The intellectual property includes patents related to the purified form of Naglazyme and the method of using the enzyme in the treatment of MPS VI, which expire between 2022 and 2023. Prior to this transaction, BioMarin licensed this intellectual property from SA Pathology and paid a five percent royalty on net sales of Naglazyme. "We are pleased to complete this transaction as we are confident in the future sales potential of Naglazyme. We continue to expand the product into new geographies and expect steady growth for years to come. We do not see any competition on the horizon due to the extremely small patient population, the complexity and expense of manufacturing the product and the intellectual property covered by the patents," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "The transaction will allow BioMarin to generate approximately $10 to $15 million in cash per year with no incremental operating costs. This deal makes sense for BioMarin because we see continued growth in the global Naglazyme business." About BioMarinBioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. The company's product portfolio comprises four approved products and multiple clinical and pre-clinical product candidates. Approved products include Naglazyme® (galsulfase) for mucopolysaccharidosis VI (MPS VI), a product wholly developed and commercialized by BioMarin; Aldurazyme® (laronidase) for mucopolysaccharidosis I (MPS I), a product which BioMarin developed through a 50/50 joint venture with Genzyme Corporation; Kuvan® (sapropterin dihydrochloride) Tablets, for phenylketonuria (PKU), developed in partnership with Merck Serono, a division of Merck KGaA of Darmstadt, Germany; and Firdapse? (amifampridine), which has been approved by the European Commission for the treatment of Lambert Eaton Myasthenic Syndrome (LEMS). Product candidates include GALNS (N-acetylgalactosamine 6-sulfatase), which is currently in Phase III clinical development for the treatment of MPS IVA, amifampridine phosphate (3,4-diaminopyridine phosphate), which is currently in Phase III clinical development for the treatment of LEMS in the U.S., PEG-PAL (PEGylated recombinant phenylalanine ammonia lyase), which is currently in Phase II clinical development for the treatment of PKU, BMN 701, a novel fusion protein of insulin-like growth factor 2 and acid alpha glucosidase (IGF2-GAA), which is currently in Phase I/II clinical development for the treatment of Pompe disease, and BMN 673, a poly ADP-ribose polymerase (PARP) inhibitor, which is currently in Phase I/II clinical development for the treatment of genetically-defined cancers. For additional information, please visit www.BMRN.com. Information on BioMarin's website is not incorporated by reference into this press release.Forward-Looking StatementThis press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc., including, without limitation, statements about: the expectations of revenue and sales related to Naglazyme; the financial performance of the BioMarin as a whole; the continued clinical development and commercialization of Naglazyme; and actions by regulatory authorities. These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: our success in the continued commercialization of Naglazyme; our ability to successfully manufacture our products and product candidates; the content and timing of decisions by the U.S. Food and Drug Administration, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for Naglazyme; actual sales of Naglazyme; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's 2010 Annual Report on Form 10-K, and the factors contained in BioMarin's reports on Form 10-Q. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.BioMarin®, Naglazyme®, Kuvan® and Firdapse? are registered trademarks of BioMarin Pharmaceutical Inc.Aldurazyme® is a registered trademark of BioMarin/Genzyme LLC.Contact: InvestorsMediaEugenia ShenBob PurcellBioMarin Pharmaceutical Inc.BioMarin Pharmaceutical Inc.(415) 506-6570 (415) 506-3267 SOURCE BioMarin Pharmaceutical Inc.