SAN RAFAEL, Calif., Feb. 20, 2015 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced that on February 17, 2015, the compensation committee of BioMarin's board of directors approved the grant to 125 newly hired employees of 91,610 restricted share units in the aggregate and stock options to purchase 35,400 shares of common stock in the aggregate. A portion of these grants are special inducement grants to certain employees of Prosensa Therapeutics B.V. or an affiliate who are joining BioMarin's subsidiary following BioMarin's acquisition of Prosensa Holding N.V.
The stock options and restricted share units were granted pursuant to the BioMarin Pharmaceutical Inc. 2014 Inducement Plan, approved by the compensation committee of BioMarin's board of directors on December 17, 2014, and were granted as inducements material to the new employees entering into employment with BioMarin in accordance with NASDAQ Listing Rule 5635(c)(4).
Each of the stock options has an exercise price equal to $101.51, the closing price per share of BioMarin's common stock as reported by NASDAQ on February 17, 2015, the date of grant.
The restricted share units will vest in equal installments annually over four years on the anniversary of the grant date, assuming in each case the employee remains continuously employed by BioMarin as of such date. In addition, each of the options is an incentive stock option and will vest 6/48ths on the six month anniversary of the grant date and 1/48th per month thereafter for the 42 immediately following months, assuming in each case the employee remains continuously employed by BioMarin as of such date.
BioMarin is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).
BioMarin develops and commercializes innovative biopharmaceuticals for serious diseases and medical conditions. The company's product portfolio comprises five approved products and multiple clinical and pre-clinical product candidates. Approved products include VIMIZIM® (elosulfase alfa) for MPS IVA, a product wholly developed and commercialized by BioMarin; Naglazyme® (galsulfase) for MPS VI, a product wholly developed and commercialized by BioMarin; Aldurazyme® (laronidase) for MPS I, a product which BioMarin developed through a 50/50 joint venture with Genzyme Corporation; KUVAN® (sapropterin dihydrochloride) Powder for Oral Solution and 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 drisapersen, an exon skipping oligonucleotide, which is currently undergoing regulatory submission for the treatment of Duchenne muscular dystrophy (exon 51), pegvaliase (PEGylated recombinant phenylalanine ammonia lyase, formerly referred to as BMN 165 or PEG PAL), which is currently in Phase 3 clinical development for the treatment of PKU; talazoparib (formerly referred to as BMN 673), a poly ADP-ribose polymerase (PARP) inhibitor, which is currently in Phase 3 clinical development for the treatment of germline BRCA breast cancer; reveglucosidase alfa (formerly referred to as BMN 701), a novel fusion protein of insulin-like growth factor 2 and acid alpha glucosidase (IGF2-GAA), which is currently in Phase 3 clinical development for the treatment of Pompe disease; BMN 111, a modified C-natriuretic peptide, which is currently in Phase 2 clinical development for the treatment of achondroplasia; BMN 044, BMN 045 and BMN 053, exon skipping oligonucleotides, which are currently in Phase 2 clinical development for the treatment of Duchenne muscular dystrophy (exons 44, 45 and 53), cerliponase alfa (formerly referred to as BMN 190), a recombinant human tripeptidyl peptidase-1 (rhTPP1), which is currently in Phase 1 clinical development for the treatment of CLN2 disorder, a form of Batten disease; BMN 270, an AAV-factor VIII vector, for the treatment of hemophilia A; and BMN 250, a novel fusion of alpha-N-acetyglucosaminidase (NAGLU) with a peptide derived from insulin-like growth factor 2 (IGF2), for the treatment of MPS IIIB.
For additional information, please visit www.BMRN.com. Information on BioMarin's website is not incorporated by reference into this press release.
Forward Looking Statements
This press release contains certain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to plans, objectives and future events. BioMarin intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of the management of BioMarin as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results to be materially different from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among other, market risks. These and other risks are described in greater detail in BioMarin's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2012. Given these uncertainties, you should not place undue reliance on these forward-looking statements. BioMarin assumes no obligation to update its forward-looking statements, except as required by law.
BioMarin®, Naglazyme®, Kuvan®, Firdapse® and VIMIZIM® are registered trademarks of BioMarin Pharmaceutical Inc.
Aldurazyme® is a registered trademark of BioMarin/Genzyme LLC.
CONTACT: Investors: Traci McCarty BioMarin Pharmaceutical Inc. (415) 455-7558 Media: Debra Charlesworth BioMarin Pharmaceutical Inc. (415) 455-7451
Source:BioMarin Pharmaceutical Inc.