What's Happening?
BioMarin Pharmaceutical has announced a definitive agreement to acquire Amicus Therapeutics in an all-cash transaction valued at approximately $4.8 billion. This acquisition will add two marketed therapies,
Galafold for Fabry disease and Pombiliti + Opfolda for Pompe disease, to BioMarin's portfolio. Additionally, it includes a Phase 3 kidney-disease program, potentially expanding BioMarin's late-stage pipeline. The deal is part of a strategy to secure near-term revenue and strengthen long-term growth in rare disease categories. The acquisition terms include a $14.50 per share cash offer, representing a 33% premium to Amicus' prior closing price. The boards of both companies have approved the transaction, which is expected to close in the second quarter of 2026, pending customary conditions such as shareholder approval and regulatory clearances.
Why It's Important?
This acquisition is significant as it represents a strategic move by BioMarin to enhance its presence in the rare disease market, which requires specialized manufacturing and patient engagement. By acquiring Amicus, BioMarin aims to leverage its global commercial footprint and manufacturing capabilities to scale Amicus' products across new geographies. The deal is expected to be accretive to BioMarin's earnings and support its deleveraging goals. The acquisition also resolves pending U.S. patent litigation over Galafold, extending its exclusivity through January 2037, which is crucial for maintaining cash-flow durability.
What's Next?
The next steps involve securing shareholder approval and regulatory clearances, with a planned close in Q2 2026. BioMarin will need to manage the debt-financed purchase without eroding financial flexibility and accelerate the global uptake of Amicus' drugs. The integration of Amicus' commercial teams and expansion into additional markets will be critical for sustaining growth. Investors will focus on BioMarin's ability to maintain operational intensity in the rare disease market while achieving the projected financial benefits.
