BioMarin Pharmaceutical Inc. has entered into a definitive agreement to acquire Inozyme Pharma, Inc. for $4.00 per share in an all-cash transaction valued at approximately $270 million. The acquisition, unanimously approved by the Boards of Directors of both companies, is expected to close in the third quarter of 2025, subject to regulatory approval and other customary closing conditions.
The strategic acquisition will strengthen BioMarin's enzyme therapies portfolio by adding INZ-701, a late-stage enzyme replacement therapy currently in Phase 3 clinical development for the treatment of ectonucleotide pyrophosphatase/phosphodiesterase 1 (ENPP1) Deficiency.
Strategic Significance of the Acquisition
"BioMarin has been deeply committed to advancing enzyme therapies for children and adults living with serious genetic conditions for more than 25 years, and today's agreement builds on our legacy," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "This acquisition brings to BioMarin an important medicine that has the potential to be the first treatment for children and adults with ENPP1 Deficiency, improving care for people living with this serious condition."
The San Rafael, California-based biotechnology company has a proven track record in the rare disease space, having successfully launched five first-in-disease enzyme therapies. This acquisition aligns with BioMarin's corporate strategy of evaluating external innovation alongside internal development programs.
Douglas A. Treco, Ph.D., Chief Executive Officer and Chairman of Inozyme, expressed optimism about the deal: "Today's announcement gives greater hope to patients who may benefit from INZ-701, a potentially transformative therapy that aims to address the underlying causes and systemic impacts of ENPP1 Deficiency."
INZ-701: A Potential First-in-Disease Treatment
ENPP1 Deficiency is a lifelong, rare, progressive, multisystemic condition caused by mutations in the ENPP1 gene. The genetic disorder leads to loss of ENPP1 enzymatic activity, resulting in low pyrophosphate levels, upregulation of fibroblast growth factor-23, and phosphate wasting. The condition affects blood vessels, soft tissues, and bones, and is associated with:
- High risk of cardiovascular mortality in patients of all ages, especially infants
- Severe rickets and osteomalacia in children and adults
- Need for considerable multidisciplinary lifelong medical and surgical management
Currently, there are no approved therapies for ENPP1 Deficiency, highlighting the significant unmet medical need that INZ-701 aims to address.
INZ-701 is a potential first-in-class, subcutaneous enzyme replacement therapy being developed for infants, pediatric, and adult patients with ENPP1 Deficiency across a continuum of phenotypes. The clinical development program includes:
- An ongoing Phase 3 pivotal study in children, with data expected in early 2026
- A pivotal study currently enrolling infants
- A planned supportive study for adolescents and adults
In a Phase 1/2 study of adults living with ENPP1 Deficiency, INZ-701 demonstrated a favorable safety profile with no serious adverse events attributed to the therapy. The study showed improvements in pyrophosphate levels, bone mineralization biomarkers, and quality of life, suggesting potential benefits for patients.
Transaction Details and Financial Implications
Under the terms of the merger agreement, BioMarin will commence a cash tender offer to acquire all outstanding shares of Inozyme common stock at $4.00 per share. The consummation of the tender offer is subject to customary closing conditions, including the tender of at least a majority of Inozyme's outstanding shares.
BioMarin has reaffirmed its previously provided full-year 2025 financial guidance, excluding the impact of the accounting treatment of this transaction. The company also maintained its plan to achieve 40% Non-GAAP Operating Margin in 2026.
Goldman Sachs & Co. LLC is acting as exclusive financial advisor to BioMarin, with Cooley LLP serving as legal counsel. Centerview Partners LLC is acting as exclusive financial advisor to Inozyme, with Goodwin Procter LLP serving as legal counsel.
Looking Forward: Development Timeline and Potential
With the first pivotal data readout in children expected in early 2026, INZ-701 could potentially receive regulatory approval in 2027. If approved, it would represent the first treatment option for patients with ENPP1 Deficiency.
Beyond its primary indication, INZ-701 has potential to expand into additional indications where deficiencies in the Pyrophosphate-Adenosine Pathway contribute to disease pathology, including ABCC6 Deficiency and calciphylaxis.
The acquisition represents another step in BioMarin's mission to translate genetic discoveries into medicines that make a meaningful impact on patients' lives. With eight commercial therapies already in its portfolio and a strong clinical and preclinical pipeline, the addition of INZ-701 further strengthens BioMarin's position as a leader in developing treatments for rare genetic disorders.
