BioMarin Pharmaceutical (BMRN) stock rose 11.5% to an all-time high Friday on heavy volume as speculation builds that the company could be the next big biotech takeout. The stock jumped as investment bank UBS raised its price target on BioMarin Pharmaceutical stock to 136 from 112. Deutsche Bank also raised its price target on Friday, to 140 from 90, and an analyst for the investment bank suggested that BioMarin might make an attractive target,
With tax-sheltering deals off the table for now, drugmakers have turned back to their traditional prey: hot biotech startups. But what investors want to know is: What kind of biotechnology are the startups looking for? One possible sign came in November, when big-cap biotech BioMarin Pharmaceutical (BMRN) agreed to pay $680 million for Prosensa Holding (RNA). Prosensa was preparing to file for approval of drisapersen, a treatment for Duchenne
BioMarin Pharmaceuticals raised a few eyebrows last month when it announced its latest buyout. BioMarin (BMRN) agreed to pay $680 million upfront for Prosensa Holding (RNA), a Dutch biotech developing a drug for Duchenne muscular dystrophy called drisapersen. Drisapersen succeeded in its phase-two trial but failed its phase three, causing partner GlaxoSmithKline (GSK) to end their relationship. At BioMarin’s investor day on Dec. 10, executives