BioMarin Pharmaceutical Inc. acquired Glyko Biomedical Ltd. by way of a plan of arrangement effective August 20, 2002. Pursuant to the plan, the shareholders of Glyko received 0.3309 shares of BioMarin common stock for each Glyko common share. The aggregate transaction value at the date the definitive agreement was signed for the acquisition was approximately $228 million.
After going public and being listed on the TSE, Glyko engaged indirectly through its subsidiary in the business of original scientific research aimed at developing novel analytic research instrumentation for carbohydrate research and for human medical diagnosis. Glyko formed BioMarin in 1996 to develop its pharmaceutical products and until closing of the acquisition, Glyko’s principal asset was a 21.3 per cent interest in BioMarin’s outstanding capital stock. Novato, California-based BioMarin develops enzyme therapies to treat serious, life-threatening diseases and conditions.
Cassels Brock & Blackwell LLP was Canadian counsel to BioMarin, with a team consisting of Mark Bennett and Alexandra Iliopoulos (corporate and securities) and Lorne Saltman (tax). Paul, Hastings, Janofsky & Walker LLP was U.S. counsel to BioMarin, with a team consisting of Siobhan McBreen Burke and Rajnish Puri in Los Angeles and Eric Davis in San Francisco.
Glyko was represented by Blake, Cassels & Graydon LLP in Toronto, with a team led by John Kolada and including Michael Gans, Robyn Keinick and Jonathan Piurko (corporate and securities), Jeff Trossman and Bryan Bailey (tax), Michael Piaskoski (regulatory) and Gordon McKee and Robert Brent (litigation/plan of arrangement). Testa, Hurwitz & Thibeault, LLP was U.S. counsel to Glyko, with a team consisting of Kevin Barry, Paul Citardi and Aaron Feinberg (corporate and securities) and Arnold May and Scott Pinarchick (tax).
TD Securities Inc. acted as financial advisor to Glyko, and UBS Warburg acted as financial advisor to BioMarin. Dewey Ballantine LLP in New York acted for UBS, with a team consisting of Denise Cerasani and Sean Wee.