Latham & Watkins Advises Initial Purchasers in BioMarin’s Upsized US$550 Million Senior Subordinated Convertible Notes Offering

BioMarin Pharmaceutical Inc. has announced the pricing of US$550 million aggregate principal amount of 1.25% senior subordinated convertible notes due 2027 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The aggregate principal amount of the offering was increased from the previously announced offering size of US$500 million. BioMarin also granted the initial purchasers of the notes a 13-day option to purchase up to an additional US$50 million aggregate principal amount of notes. The sale of the notes is expected to close on May 14, 2020, subject to customary closing conditions.

Latham & Watkins LLP represented the initial purchasers in the offering with a corporate deal team led by Orange County partner Shayne Kennedy, New York partner Greg Rodgers, and Orange County partner Drew Capurro, with counsel Arash Aminian Baghai and associates Andrew Blumenthal, Benjamin Sosin, Claire Solimine, and Gregory Van Buiten. Advice was also provided on tax matters by New York partner Bora Bozkurt, with associate Aaron Bernstein.