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Joint Venture for Aldurazyme®
(laronidase)
In September 1998, BioMarin and Genzyme Corporation (Nasdaq: GENZ) established BioMarin/Genzyme LLC, a 50/50 joint venture to support the development and worldwide commercialization of Aldurazyme® (laronidase) for the treatment of mucopolysaccharidosis I (MPS I).
Under the terms of the agreement, costs associated with the development and commercialization of Aldurazyme and profits generated from its sale are shared equally between the two companies. BioMarin maintains responsibility for manufacturing Aldurazyme in its worldwide manufacturing facility located in Novato, California, and Genzyme oversees the sales and marketing efforts.
In 2005, BioMarin/Genzyme LLC became profitable for the first time since it was
founded, with net sales of Aldurazyme for the year totaling $76.4 million. BioMarin's
share of the profit of BioMarin/Genzyme LLC for the year ended December 31, 2006,
was $18.5 million.
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