BioMarin Boosts Rare Disease Portfolio With Amicus Buyout, Stocks Rally
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) and Amicus Therapeutics, Inc. (NASDAQ:FOLD) shares are trading higher on Friday after the companies penned a merger deal.
Today, BioMarin agreed to acquire Amicus Therapeutics for a total equity value of about $4.8 billion.
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Details
The all-cash acquisition price translates to $14.50 per share, valuing the offer at a 33% premium to Amicus's last close, a 46% premium to its 30-day average price, and a 58% premium to its 60-day average.
The deal was unanimously approved by both companies' boards, with Amicus's board also urging shareholders to vote in favor.
The deal is expected to close in the second quarter of 2026, subject to customary closing conditions, including Amicus shareholder approval and antitrust clearances.
Once completed, Amicus will merge into a BioMarin subsidiary.
Commercial Portfolio Boost
The acquisition will boost BioMarin's commercial portfolio by adding two treatments for lysosomal storage disorders: Galafold (migalastat), the first oral therapy for Fabry disease, and Pombiliti (cipaglucosidase alfa-atga) plus Opfolda (miglustat), a two-part treatment for Pompe disease.
In particular, Galafold and Pombiliti + Opfolda generated $599 million in combined net revenues over the past four quarters, with U.S. exclusivity for Galafold now expected through January 2037 following recent litigation settlements.
Notably, Amicus also holds U.S. rights to DMX-200, a potential first-in-class small molecule for treating focal segmental glomerulosclerosis (FSGS), a rare and fatal kidney disease currently in Phase 3 development.
“Amicus, like BioMarin, is a company that has been profoundly dedicated to transforming care for patients with rare diseases since its founding, developing and bringing to market important therapies for individuals living with Fabry disease and Pompe disease.”
”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,” added Alexander Hardy, president and CEO of BioMarin.
Synergies
The acquisition is expected to boost BioMarin's long-term CAGR through 2030 and beyond.
The buyout is expected to contribute immediate revenue post-closure, is anticipated to be accretive to Non-GAAP diluted EPS within 12 months, and will be substantially accretive starting in 2027.
BioMarin aims to reduce gross leverage to below 2.5x within two years post-close.
As of Sept. 30, 2025, BioMarin’s cash and cash equivalents stood at $1.25 billion.
BMRN Price Action: BMRN shares are up 19.89% at $62.29, and FOLD shares are up 30.95% at $14.27 at publication on Friday.
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