Only In Marin
The Point Reyes settlement, recreating BioMarin and retail closures By Bill Meagher
T his column shies away from giving advice, providing counsel or anything that might be construed as wisdom, as its author has never been the smartest person in any room he has inhabited. That said, hop in your vehicle and take a ride out to the Point Reyes National Seashore as it is changing in a significant respect. The national park—founded out of the Marincello debacle of the 1960s, when
James Sabry, a former dealmaker for Swiss pharma giant Roche, to help put the biotech back on the rails. Sabry was hired last October, but is now getting his feet under him at the San Rafael-based company. Despite being in business for more than 25 years—and being profitable—the company continues to push the rock up the hill as investors have become impatient and more discerning. This trend is especially hard on a biotech company as the business is cash-intense and drug development is a time- consuming pursuit. BioMarin has made its reputation as a company that develops drugs for
developers proposed building a city of 30,000 in the middle of the Marin Headlands—will become an example of how a culture disappears as a result of a settled lawsuit.
The historic Pierce Point Ranch in Point Reyes.
patient populations much smaller than other companies, so called “orphan diseases.” To encourage that development, the Food and Drug Agency provides certain advantages for companies that choose this path. BioMarin (BMRN) shares have recently priced around $63 each, but that value is $31 off the stock’s high over the last year. And while there are many ways to measure the value of a company or its products or services, the reality is that for a public company, its stock is its currency. To put the share price into a sharper perspective, one analyst from BMO Capital Markets has tagged the stock with a price target of $115 a share. So, this is either a sign of danger for investors, or a buying opportunity. Time will tell. Your Marin Moment Marin’s retail scene continues to shift as both Macy’s and Kohl’s announced plans to close stores in Corte Madera and San Rafael, respectively. The Macy’s closure at The Village is interesting in that the store was one of two anchors at the upscale mall, the shopping center regarded as the premier destination in Marin. Kohl’s had the old Mervyn’s location and is now biding its time as Northgate shifts toward its redevelopment as primarily a residential neighborhood. On the other hand, Macy’s location at Northgate was spared from the cuts. The retailers said that both stores were underperforming, and Kohl’s said it was closing 27 stores across the country. It is unclear how many local jobs will be lost between the two chains. . g
The action essentially ends the ranching and dairy farming that took place for more than 150 years, with those businesses shutting down. Family agriculture is being eliminated under the settlement between the ranchers, the National Park Service (NPS), the Western Watersheds Project, the Center for Biological Diversity and the Resource Renewal Institute. The environmental organizations have long battled the NPS over its policy to allow ranching to continue in the park. The ranching was in place decades before the park was created. But the environmental groups argued that that use created environmental problems and commercial businesses had no place in a national park. For their part, the ranchers and farmers argued that agricultural uses did their best to deal with environmental challenges, they contributed to the local economy and had leases with the NPS allowing their operations. The battle has gone on for years and most recently the parties had engaged in mediation. The Nature Conservancy entered the dispute two years ago and will work with the NPS to restore the land after the ranches and farms are abandon. The ranchers and farmers will receive payments to move on. West Marin is the last bastion of how most of Marin once was. The county is often referred to as beautiful and an environmental stronghold along with descriptions of wealth and privilege. West Marin is less connected than the rest of the county and its location has allowed for a slower way of life along with an attitude encouraging its residents to exercise strong independence. And, make no mistake about it, agriculture in Point Reyes has always been at the base of that individuality. While the tule elk and other animals will enjoy more freedom, the families and those that worked the lands will disappear, a high price to pay. The ‘new’ BioMarin Coming off a year of cost cutting and almost 400 layoffs, BioMarin continues to search for its mojo. Toward that end, the company hired
Bill Meagher is a contributing editor at NorthBay biz and pens this column each month. He is also a senior reporter for The Deal, a Manhattan-based digital financial news outlet. With March here, he is excited for spring training and the Giants. That excitement will fade as the season progresses until disappointment sets in.
March 2025
NorthBaybiz 27
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