BioMarin Therapeutics announced today it will acquire Amicus Therapeutics for $14.50 per share in an all-cash deal valuing the company at $4.8 billion. This strategic combination represents a 33% premium over Amicus’ closing price on December 18, 2025. The transaction was unanimously approved by both companies’ boards of directors and is expected to close in the second quarter of 2026.
🔥 Quick Facts
- Acquisition price: $14.50 per share in all-cash deal for total equity value of $4.8 billion
- Premium: 33% premium to Amicus’ last close, 46% premium to 30-day VWAP, 58% premium to 60-day VWAP
- Combined revenue: Two marketed products generated $599 million in revenue over past four quarters
- Key products: Galafold for Fabry disease and Pombiliti + Opfolda for Pompe disease with US exclusivity through January 2037
Strategic Acquisition Expands BioMarin’s Rare Disease Portfolio
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The acquisition immediately strengthens BioMarin’s commercial position in rare genetic disorders. Amicus’ two marketed therapies represent significant therapeutic advances for patients with Fabry disease and Pompe disease, both devastating lysosomal storage disorders. BioMarin’s global commercial footprint and manufacturing capabilities position the combined company to expand patient access worldwide.
Galafold (migalastat) is the first oral treatment for Fabry disease, working by stabilizing patients’ dysfunctional alpha-galactosidase enzyme. Roughly 35-50% of Fabry patients have amenable genetic variants suitable for this oral approach. Pombiliti combined with Opfolda represents a two-component therapy for Pompe disease, targeting patients not responding adequately to conventional enzyme replacement therapy.
Financial Strength and Accretion Timeline Drive Investment Case
| Financial Metric | Details |
| Acquisition Price | $14.50 per share in all-cash |
| Total Cost | ~$4.8 billion equity value |
| Financing Method | Cash on hand + ~$3.7 billion debt |
| EPS Accretion | Accretive in first 12 months post-close, substantially accretive beginning 2027 |
| Deleveraging Target | Gross leverage <2.5x within two years post-close |
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BioMarin expects revenue acceleration immediately after closing. The company projects it will be accretive to Non-GAAP Diluted Earnings Per Share in the first 12 months following consummation, with substantial accretion beginning in 2027. Alexander Hardy, President and CEO of BioMarin, emphasized the strategic fit: both companies share a deep commitment to transforming rare disease treatment. The deal represents execution of BioMarin’s capital allocation strategy to diversify its pipeline and deliver innovative therapies.
Amicus Resolves Patent Litigation as Part of Strategic Transaction
Separately, Amicus resolved pending patent litigation regarding Galafold generic approvals. The company entered into License Agreements with Aurobindo Pharma and Lupin Ltd., granting licenses to market generic Galafold 123 mg capsules beginning January 30, 2037, if FDA approved. All pending Hatch-Waxman litigation in the U.S. District Court for the District of Delaware will be terminated. This patent settlement provides BioMarin with clear U.S. exclusivity through January 2037, extending revenue protection for this critical rare disease therapy.
Leadership Support and Industry Recognition Underscore Deal Logic
“With BioMarin’s unwavering commitment to patients, along with greater resources and scale, Amicus’ medicines will reach even more patients around the world, faster. We are confident that this agreement is in the best interests of our shareholders by providing compelling, certain and premium value.”
— Bradley L. Campbell, President and CEO of Amicus Therapeutics
Amicus’ Board unanimously recommended the deal and will call stockholder votes this quarter. BioMarin is financing the transaction with Morgan Stanley as sole lead arranger, providing a bridge commitment with no financing conditions. Jones Day and Cooley LLP provide legal counsel to BioMarin, while Kirkland & Ellis LLP represents Amicus. Centerview Partners and Goldman Sachs serve as financial advisors to Amicus.
What Does This Rare Disease Consolidation Mean for Patients and Market Competition?
This $4.8 billion acquisition represents the latest major consolidation in rare disease therapeutics. Amicus developed two transformative medicines impacting over 3,400 patients globally with Fabry and Pompe diseases. Under BioMarin’s ownership, expanded global distribution and combined manufacturing excellence could dramatically increase patient access in underserved markets. BioMarin’s R&D pipeline also complements Amicus’ DMX-200 candidate for focal segmental glomerulosclerosis (FSGS), a rare kidney disease in Phase 3 development. The transaction significantly increases BioMarin’s long-term revenue CAGR through 2030 while diversifying its Enzyme Therapies Business Unit.
Sources
- BioMarin Pharmaceutical – Official investor relations announcement regarding acquisition terms and strategic rationale
- Amicus Therapeutics – Board approval and CEO statement on transaction benefits to shareholders
- STAT News – Independent coverage of deal pricing and rare disease market implications
Patrick Graham is a business and finance journalist translating Wall Street’s complexities into stories that matter to everyday readers. With extensive experience in financial journalism and economic analysis, this expert journalist provides sharp insights on market trends, corporate developments, and the economic forces affecting daily life. His reporting helps readers make sense of the business world’s biggest moves.