BioMarin's $4.8B Amicus Acquisition Signals Rare Disease Expansion and Revenue Acceleration
Strategic Move Immediately Adds Two High-Growth Therapies and $599 Million in Revenue
BioMarin Pharmaceutical Inc. has agreed to acquire Amicus Therapeutics in a $4.8 billion all-cash deal, marking a pivotal step to expand its position in the rare disease space. This acquisition will instantly add two fast-growing, marketed therapies—Galafold® for Fabry disease and Pombiliti® + Opfolda® for Pompe disease—to BioMarin's existing lysosomal storage disorder portfolio. Over the past four quarters, these products generated a combined $599 million in revenue, supporting BioMarin’s goal of immediate revenue growth acceleration once the transaction closes.
Key Product and Portfolio Benefits Enhance Competitive Advantage
The deal extends BioMarin's portfolio with therapies addressing Fabry and Pompe diseases—both classified as high-need, rare genetic disorders. Galafold® is approved in over 40 countries, offering the first oral therapy option for eligible Fabry patients, while Pombiliti® + Opfolda® delivers a novel two-component approach to Pompe disease management. The acquisition is designed to not only diversify BioMarin’s commercial base but also enable broader patient access via BioMarin’s established global infrastructure.
| Therapy | Indication | Global Approvals | Recent Revenue (Trailing 4 Quarters) | US Patent Exclusivity |
|---|---|---|---|---|
| Galafold (migalastat) | Fabry Disease (amenable variants) | >40 countries | $599M (combined with Pombiliti + Opfolda) | Through January 2037 |
| Pombiliti + Opfolda (cipaglucosidase alfa-atga + miglustat) | Pombe Disease (late-onset, adults, ≥40 kg, not improving on ERT) | Multiple | See above | -- |
Financial Outlook and Shareholder Value Are Poised for Near-Term Gains
The transaction is expected to be accretive to BioMarin's non-GAAP diluted earnings per share within the first year post-closing, and substantially accretive starting in 2027. BioMarin will finance the acquisition through cash and $3.7 billion of non-convertible debt, targeting gross leverage below 2.5x within two years of closing. The deal's $14.50 per-share cash offer represents a premium of 33% to Amicus’s prior close, 46% to the 30-day average, and 58% to the 60-day average share price, reflecting a strong vote of confidence in the combined business's growth prospects.
| Metric | Detail |
|---|---|
| Total Purchase Price | $4.8 Billion |
| Purchase Price per Share | $14.50 |
| Premium to Last Close | 33% |
| Premium to 30-Day VWAP | 46% |
| Premium to 60-Day VWAP | 58% |
| Financing Structure | Cash on hand & plus; $3.7B in non-convertible debt |
Patent and Legal Developments Secure US Market Opportunity for Galafold
Notably, the acquisition resolves Amicus’s pending U.S. Galafold patent litigation, extending the drug’s market exclusivity through January 2037. Amicus has entered license agreements that delay generic competition for over a decade, further de-risking BioMarin's revenue stream from this key asset.
Outlook: Growth, Pipeline Diversification, and Patient Access Front and Center
This acquisition demonstrates BioMarin’s capital allocation strategy: deploying financial strength to drive long-term growth and innovation. By expanding its pipeline and strengthening commercial infrastructure, BioMarin is set to reinforce its leadership in the rare disease biotech landscape while supporting its commitments to patients, shareholders, and employees alike.
Next Steps: Closing Conditions and Conference Call Details
The transaction is subject to customary regulatory and shareholder approvals, with closure anticipated in Q2 2026. For those seeking more information, BioMarin will host a conference call today at 8:15 a.m. ET. Dial-in details are provided below for both US/Canada and international participants.
| Dial-in Region | Number | Replay Number | Conference ID |
|---|---|---|---|
| US/Canada | 800-715-9871 | 800-770-2030 | 7225321 |
| International | 646-307-1963 | 609-800-9909 | 7225321 |
With rare disease therapeutics increasingly seen as drivers of biotech growth, BioMarin's acquisition of Amicus looks set to meaningfully alter its revenue mix, expand patient reach, and reinforce its leadership through both innovation and global execution. Investors and market watchers will be keen to see how the expanded portfolio translates into growth and sustained shareholder value in the years ahead.
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