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Tuesday, January 8, 2013

BioMarin won't sell itself even for 25-30 percent premium-CEO, (NASDAQ: BMRN)

BioMarin Pharmaceutical Inc , which makes high-priced drugs used to treat rare diseases, has been approached by potential acquirers but would not sell itself for even a 25-30 percent premium, according to the company's chief executive officer."The best way to prevent that (a takeover) is to keep the stock up, and we are doing that," CEO Jacques Bienaime said during an interview at the JP Morgan Healthcare Conference in San Francisco.He said any decision to sell would come from large shareholders, not him nor the board.Big pharmaceutical companies are bracing for patents to expire on many of their older, best-selling products, which will spur competition from lower-priced generic drugs. Many of these companies are interested in drugs for rare diseases, which can command prices well over $100,000 a year. Sanofi's 2011 acquisition of Genzyme is the largest such deal so far.

BioMarin Pharmaceutical Inc. (BioMarin) develops and commercializes pharmaceuticals for serious diseases and medical conditions. Shares of BMRN fell by 0.48% or $-0.25/share to $51.89. In the past year, the shares have traded as low as $31.91 and as high as $53.45. On average, 1599290 shares of BMRN exchange hands on a given day and today's volume is recorded at 512415.