BioMarin Acquires Amicus Therapeutics for $4.8 Billion to Expand Rare Disease Portfolio
核心洞察
BioMarin Pharmaceutical announced the acquisition of Amicus Therapeutics for $4.8 billion in an all-cash transaction valued at $14.50 per share, representing a 33% premium to Amicus' last close.
The acquisition adds two commercial therapies to BioMarin's portfolio: Galafold for Fabry disease (搜索) and Pombiliti + Opfolda for Pompe disease (搜索), which generated combined revenues of $599 million over the past four quarters.
The transaction is expected to be accretive to Non-GAAP Diluted EPS in the first 12 months after close and substantially accretive beginning in 2027, while strengthening BioMarin's position in the rare disease market.
BioMarin Pharmaceutical has announced its acquisition of Amicus Therapeutics in a $4.8 billion all-cash transaction, marking one of the largest rare disease biotechnology deals of 2025. The agreement, finalized on December 19, 2025, will see BioMarin acquire Amicus for $14.50 per share, representing a 33% premium to Amicus' last close and a 46% premium to the 30-day volume-weighted average stock price.
Strategic Portfolio Expansion
The acquisition significantly expands BioMarin's rare disease portfolio by adding two commercial therapies targeting lysosomal storage disorders. Galafold (migalastat), the first oral treatment for Fabry disease (搜索), and Pombiliti (cipaglucosidase alfa-atga (搜索)) + Opfolda (miglustat), a two-component therapy for Pompe disease (搜索), generated combined net product revenues of $599 million over the past four quarters.
The transaction also brings DMX-200, a potential first-in-class investigational small molecule for focal segmental glomerulosclerosis (搜索) (FSGS), currently in Phase 3 development. FSGS represents a rare and fatal kidney disease with significant unmet medical need.
Financial Impact and Growth Projections
BioMarin expects the acquisition to accelerate revenue growth and increase the company's long-term compound annual growth rate through 2030 and beyond. The transaction is projected to be accretive to Non-GAAP Diluted EPS in the first 12 months after close and substantially accretive beginning in 2027.
The company plans to finance the acquisition through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing. Morgan Stanley (搜索) Senior Funding, Inc. is acting as sole lead arranger and has provided a bridge commitment. BioMarin is targeting gross leverage of less than 2.5x within two years after the closing of the proposed transaction.
Patent Protection Secured
In a separate but related development, Amicus resolved pending patent litigation for Galafold with generic manufacturers Aurobindo Pharma and Lupin Ltd (搜索). Under the settlement agreements, Amicus will grant licenses to these companies to market generic versions of Galafold in the United States beginning January 30, 2037, if approved by the FDA. This resolution secures U.S. exclusivity for Galafold through January 2037.
Therapeutic Portfolio Details
Galafold is approved in more than 40 countries worldwide and works as an oral pharmacological chaperone for adults with Fabry disease (搜索) who have amenable galactosidase alpha gene (搜索) variants. Amicus estimates that approximately 35 to 50 percent of people living with Fabry disease may have amenable variants, though rates vary by geography.
Pombiliti + Opfolda represents a two-component therapy indicated for adult patients with late-onset Pompe disease (搜索) weighing ≥40 kg who are not improving on their current enzyme replacement therapy. The combination consists of cipaglucosidase alfa-atga (搜索), a bis-M6P-enriched rhGAA, and miglustat, an oral enzyme stabilizer designed to reduce loss of enzyme activity in the blood.
Transaction Timeline and Approvals
The transaction remains subject to customary closing conditions, including approval by Amicus stockholders, expiration or termination of the Hart-Scott-Rodino Antitrust Improvements Act waiting period, and other regulatory clearances. Following satisfaction of closing conditions, a wholly owned subsidiary of BioMarin will merge with Amicus, with outstanding Amicus shares converted to the right to receive $14.50 per share in cash.
Both companies, established in the early 2000s, have focused their efforts on addressing unmet medical needs for patients with rare genetic conditions. The merger is expected to leverage BioMarin's global commercial infrastructure to expand access to Amicus' therapies across international markets while supporting the continued development of the combined pipeline.