BioMarin Announces Buy Back of Naglazyme Royalties From Adelaide Health Authority for $81M

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that it has completed the buy back of certain intellectual property from SA Pathology, a unit of the Central Adelaide Local Health Network located in Adelaide, Australia for an upfront payment of $81 million.

The intellectual property includes patents related to the purified form of Naglazyme and the method of using the enzyme in the treatment of MPS VI, which expire between 2022 and 2023. Prior to this transaction, BioMarin licensed this intellectual property from SA Pathology and paid a five percent royalty on net sales of Naglazyme.