DOW JONES NEWSWIRES
BioMarin Pharmaceutical Inc. (BMRN) will purchase an Irish
biologics manufacturing facility from Pfizer Inc. (PFE) for $48.5
million to accommodate its growing portfolio of
biopharmaceuticals.
The company said the acquisition price of the plant, which was
completed in 2009, represents roughly one-fifth the cost of
building a new plant.
"We believe that additional manufacturing capabilities beyond
our current resources will be needed to support anticipated peak
sales for GALNS, PEG-PAL for PKU, BMN 701 for Pompe disease, BMN
111 for achondroplasia, if they continue to progress to approval,
and our other preclinical programs," said BioMarin Chief Executive
Jean-Jacques Bienaime.
In April, BioMarin swung to a first-quarter loss amid higher
income and depreciation expenses.
Shares slipped 1.6% to $25.30 in recent trading. Year to date,
the stock is down 6%.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com