BioMarin loses $15M bet on Riquent

Just a few months after paying La Jolla Pharmaceutical $7.5 million while buying another $7.5 million in its stock, BioMarin Pharmaceutical has returned its rights to Riquent, which recently failed a trial for lupus. That was Riquent's third trial failure. At the time, BioMarin CEO Jean-Jacques Bienaime said that there was a good chance that Riquent could become its biggest product. He lost that bet. Report