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Biotech / Medical : Munch-a-Biotech Today
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From: nigel bates11/24/2014 8:15:22 AM
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SAN RAFAEL, Calif. (AP) -- BioMarin Pharmaceutical will pay $680 million in cash for the Dutch biotech company Prosensa in a bid to strengthen its pipeline of genetic disorder treatments.

The San Rafael, California, company also said it will make two approximately $80 million milestone payments to Prosensa shareholders if U.S. and European regulators approve the Duchenne muscular dystrophy treatment, drisapersen.

Duchenne muscular dystrophy is a fatal genetic disease that causes increasing muscle weakness and affects one of every 3,500 boys born worldwide.

BioMarin said Monday that it will pay $17.75 for each share of the drug developer, not counting the milestone payments. That represents a 55 percent premium to the U.S.-traded stock's closing price of $11.44 on Friday.

Shares of Prosensa Holding NV soared above BioMarin's offer price after the deal was announced, a possible sign that investors expect a higher bid. The stock rose nearly 62 percent, or $7.06, to $18.50 hours before U.S. markets opened Monday...
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