BioMarin to Acquire Amicus Therapeutics for $4.8 Billion

Rare Daily Staff

BioMarin Pharmaceutical has agreed to acquire Amicus Therapeutics for $14.50 per share in an all-cash transaction valued at approximately $4.8 billion — a marriage of two pioneers in the rare disease drug industry.

The price represents a 33 percent premium to Amicus’ last closing price, a 46 percent premium to the 30-day volume-weighted average stock price, and a 58 percent premium to the 60-day volume-weighted average stock price.

The boards of directors of both companies unanimously approved the transaction. Amicus’ board has unanimously recommended that Amicus stockholders vote to adopt the agreement. The transaction is expected to close in the second quarter of 2026, subject to regulatory clearances, approval by Amicus stockholders, and other customary closing conditions.

BioMarin intends to finance the transaction through a combination of cash on hand and approximately $3.7 billion of nonconvertible debt financing. Morgan Stanley Senior Funding Inc. is acting as sole lead arranger and has provided a bridge commitment for this amount.

The acquisition will strengthen BioMarin’s commercial portfolio, adding two new treatments to the company’s existing portfolio of medicines that target lysosomal storage disorders: Galafold, the first oral treatment for Fabry disease, and Pombiliti plus Opfolda, a two-component therapy for Pompe disease. Amicus also has U.S. rights to DMX-200, a potential first-in-class investigational small molecule for the treatment of focal segmental glomerulosclerosis — a rare and fatal kidney disease — in phase 3 development.

The transaction is expected to accelerate BioMarin’s revenue growth, diversify the company’s commercial portfolio, and support its strategy to leverage its financial strength to diversify its pipeline and add innovative new therapies. It is expected to be accretive to non-GAAP diluted earnings per share in the first 12 months following close.

“BioMarin’s scale of operations, including our global commercial footprint and industry-leading, in-house manufacturing capabilities, make the combination of these companies an exceptional strategic fit,” said Alexander Hardy, president and CEO of BioMarin. “Immediately upon close, this transaction is expected to accelerate BioMarin’s revenue growth and strengthen our financial outlook, delivering significant value to patients, employees, and stockholders.”

Photo: Alexander Hardy, president and CEO of BioMarin