Merrill keeps BioMarin at buy

BioMarin Pharmaceutical Inc. was maintained by Merrill Lynch analyst Tom McGahren at a buy rating after the company announced the June launch and approval of Orapred ODT (orally disintegrating tablet) for the treatment of asthma exacerbations. The company will receive royalties on North American product sales since previously divesting those rights to Alliant Pharmaceuticals. According to the analyst, milestones and royalties to BioMarin are not a revenue driver for the company. Peak royalty revenue from Alliant for the Orapred franchise is estimated at about $15 million per year. Shares of the Novato, Calif.-based biopharmaceutical company were up 27 cents, or 1.72%, at $15.97, on volume of 730,519 shares versus the three-month running average of 817,125 shares. (Nasdaq: BMRN)

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