BioMarin Acquires Amicus
BioMarin Acquires Amicus, adding Galafold and Pombiliti and Opfolda, boosting revenue and creating an earnings catalyst that could prompt share repricing.
KEY TAKEAWAYS
- BioMarin will pay $14.50 per share, valuing Amicus at about $4.8 billion.
- Galafold and Pombiliti plus Opfolda generated $599 million in net revenues over the past four quarters.
- Management expects non-GAAP diluted EPS accretion within 12 months and substantially accretive beginning 2027.
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BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announced on Dec. 19, 2025, that it will acquire Amicus Therapeutics, Inc. (Nasdaq: FOLD), adding two marketed rare-disease therapies to its lysosomal storage-disorder franchise and projecting a near-term revenue boost and non-GAAP diluted EPS accretion after closing.
Deal Terms and Financial Outlook
BioMarin and Amicus have executed a definitive agreement and plan of merger under which BioMarin will acquire Amicus in an all-cash transaction. BioMarin will pay $14.50 per Amicus share, valuing the company at about $4.8 billion. Amicus described the offer as providing compelling, certain, and premium value to its shareholders.
The companies said the deal will accelerate BioMarin’s revenue growth immediately after closing and increase its long-term compound annual growth rate through 2030 and beyond. Management expects the transaction to be accretive to non-GAAP diluted EPS within 12 months of closing and substantially accretive beginning in 2027. BioMarin targets gross leverage below 2.5 times within two years after closing, supported by projected cash flow and a commitment to deleveraging.
The transaction remains subject to customary closing conditions, including regulatory and shareholder approvals. A conference call to discuss the deal was scheduled for Dec. 19, 2025, at 8:15 a.m. ET.
Products, Exclusivity, and Pipeline
The acquisition adds two marketed therapies to BioMarin’s Enzyme Therapies business unit: Galafold (migalastat), the first oral treatment for adults with amenable GLA variants in Fabry disease, approved in more than 40 countries including the U.S., EU, U.K., and Japan; and Pombiliti (cipaglucosidase alfa-atga) plus Opfolda (miglustat), a two-component regimen for adult patients with late-onset Pompe disease who weigh at least 40 kilograms and are not improving on current enzyme-replacement therapy.
Together, Galafold and Pombiliti plus Opfolda generated $599 million in net product revenues over the past four quarters, providing an immediate commercial contribution to BioMarin’s top line. BioMarin plans to leverage its global commercial footprint and in-house manufacturing to expand patient access.
The deal also conveys U.S. rights to DMX-200, a potential first-in-class small molecule in Phase 3 development for focal segmental glomerulosclerosis, a rare and serious kidney disease.
Amicus has settled pending U.S. patent litigation with Aurobindo Pharma and Lupin Ltd. over Galafold and will terminate related Hatch–Waxman litigation in the U.S. District Court for the District of Delaware. Under the settlement license agreements, Amicus will grant licenses enabling generic makers to market Galafold in the U.S. beginning Jan. 30, 2037, subject to FDA approval and customary conditions. U.S. exclusivity for Galafold is expected through that date. The companies will submit the confidential license agreements to the U.S. Federal Trade Commission and Department of Justice for review as required by law.
