BioMarin Pharmaceutical announced a $4.8 billion all‑cash acquisition of Amicus Therapeutics, adding the Fabry‑disease drug Galafold and the Pompe‑disease therapy Pombiliti/Opfolda to its portfolio. The deal values Amicus at $14.50 per share, a 33% premium to the company’s last close and a 46% premium to its 30‑day volume‑weighted average price, and includes a 58% premium to the 60‑day average. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and shareholder votes.
BioMarin will fund the purchase with cash on hand and approximately $3.7 billion of non‑convertible debt, backed by a bridge commitment from Morgan Stanley. The acquisition adds $599 million of net product revenue from Galafold and Pombiliti/Opfolda over the past four quarters, and U.S. exclusivity for Galafold is projected to extend through January 2037. Management expects the combined entity to be accretive to Non‑GAAP diluted earnings per share within the first 12 months and to accelerate revenue growth immediately upon closing.
The deal strengthens BioMarin’s rare‑disease focus by complementing its existing enzyme‑therapy and skeletal‑condition franchises with high‑margin orphan drugs. BioMarin’s Q3 2025 revenue of $776 million grew 4% year‑over‑year, but the company posted a GAAP net loss of $31 million, largely due to an acquisition charge for Inozyme Pharma. The acquisition of Amicus is positioned to offset that loss with robust product revenue and to support future growth initiatives. BioMarin’s full‑year 2025 revenue guidance was raised to $3.15‑$3.20 billion in October, reflecting confidence in the expanded portfolio.
Amicus reported $528.5 million in total revenue for 2024, a 32% increase year‑over‑year, and $169.1 million in revenue for Q3 2025, a 19% rise, with a GAAP net income of $17.3 million. The acquisition adds two products that each have the potential to reach $1 billion in peak sales, providing a significant tailwind for BioMarin’s growth trajectory.
CEO Alexander Hardy said the combination would “accelerate BioMarin’s revenue growth immediately upon close, adding two high‑growth products with numerous global expansion opportunities.” He added that the deal “clearly is value‑creating” and that the company’s enzyme‑therapy and skeletal‑conditions units had driven more than 20% revenue growth in 2025. CEO Bradley Campbell noted that the agreement “will accelerate progress for the rare disease community” and that Amicus’s medicines would reach more patients worldwide faster.
The acquisition is BioMarin’s largest ever transaction and signals a bold shift after the company divested underperforming assets such as Roctavian. Analysts highlighted the strategic fit and the potential for peak sales, noting that the deal positions BioMarin to compete more effectively against challengers like Ascendis Pharma’s TransCon CNP for achondroplasia.
The transaction is expected to provide immediate revenue acceleration, EPS accretion, and a strengthened rare‑disease portfolio, reinforcing BioMarin’s long‑term growth strategy.
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