Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-132566
(Supplementing Preliminary Prospectus Supplements dated March 20, 2006)
~ Sole-Bookrun Add-on & SEC-Registered Senior Subordinated Convertible Notes Pricing ~
BioMarin Pharmaceutical, Inc.
(BMRN/NASDAQ & SWX)
Common Stock Add-On Offering
Offering Size: 9,000,000 Shares (100% Primary)
Greenshoe (15%): 1,350,000 Shares (100% Primary)
Price: $13.00
Last Sale (3/23/06): $13.13
Net Proceeds: $111,150,000
Trade Date: 3/23/2006
Settlement Date: 3/29/2006
CUSIP: 09061G101
Sole-Bookrunner: Merrill Lynch
Co-Managers: SG Cowen, Leerink Swann, Pacific Growth and Rodman & Renshaw
SEC-Registered Senior Subordinated Convertible Notes
Offering Size: $150,000,000
Greenshoe (15%): $22,500,000
Public Offering Price: $1,000.00 per note (100%)
Net Proceeds: $ 145,500,000
Maturity: March 29, 2013
Interest Rate: 2.50% payable semiannually in arrears in cash
Last Sale (3/23/06): $13.13
Reference Price: $13.00
Conversion Price: $16.58, subject to adjustment
Conversion Premium: 27.50%
Conversion Rate: 60.3318, subject to adjustment
Interest Payment Dates: March 29 and September 29, beginning September 29, 2006
Make-Whole Premium Upon a Fundamental Change: If a fundamental
change occurs and a holder elects to convert in connection with such
transaction, the conversion rate will be increased by a number of shares.
The number of additional shares will be determined by reference to the following table and is based on the date on which such fundamental change becomes effective and the price paid per share of common stock on the effective date:
| Effective Date | ||||||||||||||||
| Stock Price on Effective Date |
3/29/2006 | 3/29/2007 | 3/29/2008 | 3/29/2009 | 3/29/2010 | 3/29/2011 | 3/29/2012 | 3/29/2013 | ||||||||
| $13.00 |
16.5913 | 16.5913 | 16.5913 | 16.5913 | 16.5913 | 16.5913 | 16.5913 | 0.0000 | ||||||||
| 15.00 |
12.6663 | 12.9378 | 13.1829 | 13.3647 | 13.3613 | 12.9979 | 11.7576 | 0.0000 | ||||||||
| 17.50 |
9.2976 | 9.3644 | 9.3828 | 9.3121 | 9.0334 | 8.3743 | 6.8025 | 0.0000 | ||||||||
| 20.00 |
6.9641 | 6.9180 | 6.8082 | 6.6020 | 6.1983 | 5.4322 | 3.8758 | 0.0000 | ||||||||
| 22.50 |
5.3608 | 5.1665 | 4.9946 | 4.7229 | 4.2680 | 3.5059 | 2.1229 | 0.0000 | ||||||||
| 25.00 |
4.8289 | 4.3311 | 3.7837 | 3.3693 | 2.9181 | 2.2103 | 1.0502 | 0.0000 | ||||||||
| 27.50 |
4.3856 | 3.9347 | 3.4421 | 2.8881 | 2.2799 | 1.5994 | 0.8419 | 0.0000 | ||||||||
| 30.00 |
4.0272 | 3.6079 | 3.1567 | 2.6464 | 2.0829 | 1.4645 | 0.7716 | 0.0000 | ||||||||
| 35.00 |
3.4457 | 3.0987 | 2.7100 | 2.2684 | 1.7843 | 1.2508 | 0.6581 | 0.0000 | ||||||||
| 40.00 |
3.0253 | 2.7037 | 2.3724 | 1.9884 | 1.5626 | 1.0952 | 0.5748 | 0.0000 | ||||||||
| 45.00 |
2.6976 | 2.4108 | 2.1138 | 1.7707 | 1.3932 | 0.9751 | 0.5093 | 0.0000 | ||||||||
| 50.00 |
2.4278 | 2.1705 | 1.8893 | 1.5955 | 1.2573 | 0.8796 | 0.4620 | 0.0000 | ||||||||
| 55.00 |
2.2023 | 1.9778 | 1.7196 | 1.4547 | 1.1416 | 0.7975 | 0.4225 | 0.0000 | ||||||||
| 60.00 |
2.0281 | 1.8157 | 1.5732 | 1.3353 | 1.0485 | 0.7362 | 0.3879 | 0.0000 | ||||||||
| 70.00 |
1.7303 | 1.5553 | 1.3565 | 1.1486 | 0.8969 | 0.6317 | 0.3330 | 0.0000 | ||||||||
| 80.00 |
1.5176 | 1.3630 | 1.1852 | 1.0087 | 0.7874 | 0.5537 | 0.2902 | 0.0000 | ||||||||
| 90.00 |
1.3574 | 1.2119 | 1.0617 | 0.8946 | 0.6991 | 0.4902 | 0.2581 | 0.0000 | ||||||||
| 100.00 |
1.2186 | 1.0957 | 0.9566 | 0.8038 | 0.6285 | 0.4413 | 0.2323 | 0.0000 | ||||||||
Trading: The notes will not be listed on any securities exchange or included
in any automatic quotation system.
Trade Date: 3/23/2006
Settlement Date: 3/29/2006
CUSIP: 09061G AC 5
Sole-Manager: Merrill Lynch
******
The issuer has filed a registration statement (including a prospectus and supplements thereto) with the SEC for the offerings to which this communication relates. Before you invest, you should read the prospectus and the supplements thereto in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and these offerings. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the supplements thereto if you request them by calling toll-free 1-866-500-5408.
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.