The Technical Indicator: Bullish momentum broadens, S&P 500 breaks to record highs

Focus: Crude-oil prices register dead-cat bounce, Apple presses uncharted territory, Boeing’s bullish reversal?, USO, AAPL, BA, BMRN, CTSHU.S. stocks are higher early Thursday, rising after China’s surprise move to reduce some U.S. import tariffs beginning Feb. 14. In the process, the S&P 500 and Nasdaq Composite have extended breaks to record territory, while the Dow Jones Industrial Average is vying Thursday to surpass its record close (29,348).

BioMarin Announces Proposed Private Offering of $500 Million of Senior Subordinated Convertible Notes

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that it intends to offer, subject to market conditions and other factors, $500.0 million aggregate principal amount of senior subordinated convertible notes due 2027 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. BioMarin also intends to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $50.0 million aggregate principal amount of notes.

BioMarin Announces Closing of Exercise by Initial Purchasers of Option to Purchase an Additional $50 million of 1.25% Senior Subordinated Convertible Notes due 2027

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced that the initial purchasers of the previously announced offering of its 1.25% Senior Subordinated Convertible Notes due 2027 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended elected to exercise in full their 13-day option to purchase an additional $50 million aggregate principal amount of the notes (the “Additional Notes”). The sale of the Additional Notes closed today.

BioMarin to Participate in Two Upcoming Virtual Investor Conferences

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced that management will participate in the Bank of America Global Research Health Care Conference on May 14, 2020 at 2:20pm ET and the RBC Capital Markets Global Healthcare Conference on May 19, 2020 at 1:55pm ET. An audio webcast of the presentation will be available live. You can access the webcast at: https://investors.biomarin.com/. An archived version of the remarks will also be available through the Company’s website for a limited time following the conference.

BioMarin Strikes Gene Therapy Partnership Targeting Rare Genetic Cardiomyopathies

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) is beefing up its gene therapy portfolio. The large-cap biopharma BioMarin said it has entered into a pre-clinical collaboration and licensing agreement with DiNAQOR, a gene therapy platform company headquartered in Switzerland, to develop gene therapies to treat rare genetic cardiomyopathies.The licensing agreement will initially cover DiNAQOR’s lead candidate DiNA-001, which is being evaluated for MYBPC3 hypertrophic cardiomyopathy, or HCM.HCM is one of the most common genetic heart diseases, with about 500,000 patients diagnosed, and up to 60% of HCM cases have a genetic origin, BioMarin said.It is estimated that 40% of those have mutations in MYBPC3, the gene that encodes cardiac myosin-binding protein C, the company said. HCM affects the heart muscle, often increasing the risk of heart failure and life-threatening arrhythmias, and there is no currently available pharmacologic treatment option for the disease.BioMarin, which itself is speculated to be an M&A target, said it has the option to extend the license to include DiNAQOR’s other pipeline programs on similar terms.BioMarin said it is also picking up a stake in DiNAQOR.The financial terms of the deal were not disclosed.BioMarin also reiterated its 2020 GAAP net income guidance of $20 million to $80 million, after factoring in this collaboration.”With this agreement, BioMarin is continuing to apply its gene therapy know-how and manufacturing expertise in new areas like cardiology,” BioMarin CEO Jean-Jacques Bienaime said in a statement. BioMarin’s BLA for AAV5 gene therapy candidate valoctocogene roxaparvovec has been accepted for review by the FDA with a priority review designation. The gene therapy, which is being evaluated for a bleeding disorder, has a PDUFA action date of Aug. 21.BioMarin shares were down 1.44% at $86.85 at the time of publication Monday. Related Links:Attention Biotech Investors: Mark Your Calendar For These May PDUFA Dates The Week Ahead In Biotech: Smid-Cap Earnings News Flow Picks Up Pace See more from Benzinga * The Daily Biotech Pulse: Inovio’s MERS Vaccine Data, Fast Track Designation For Erytech, FDA Approves Higher Dose Of Merck’s Keytruda * The Daily Biotech Pulse: Pfizer Earnings, Roche’s Spinal Muscular Dystrophy Treatment, Moderna COVID-19 Vaccine Update * The Week Ahead In Biotech (April 26-May 2): Cancer Conference, Earnings News Flow In The Spotlight(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.