Third-quarter 2016 biopharma financing totaled $7.4 billion, a 54% increase over Q2’s $4.8 billion. Follow-on public offerings were again the lead financing vehicle, bringing in $3.36 billion – close to half of the aggregate amount raised – led by BioMarin Pharmaceutical Inc.’s $714 million August FOPO [See Deal], along with eight other $100 million-plus offerings. (See Exhibit 1.) The orphan disease-focused biotech will use the proceeds for continued clinical trials of its candidates for various rare genetic blood, metabolic and neuro diseases mostly affecting children. It already has five approved products: Vimizim (elosulfase alpha) for Morquio A syndrome, Naglazyme (galsulfase) for mucopolysaccharidosis VI (MPS VI), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Aldurazyme (laronidase) for MPS I, and Firdapse (amifampridine phosphate) for Lambert-Eaton myasthenic syndrome (LEMS) in adults.
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