Amicus Therapeutics, Inc. (NASDAQ: FOLD) has become one of the most closely watched rare-disease stocks heading into the final stretch of 2025 after BioMarin Pharmaceutical announced a definitive agreement to acquire Amicus in an all-cash transaction valued at about $4.8 billion. The offer price—$14.50 per share in cash—instantly reset the “center of gravity” for FOLD shares and shifted investor focus from traditional biotech catalysts (quarterly launches, pipeline readouts, reimbursement updates) to merger timing, regulatory approvals, and closing risk. [1]
As of the latest available pricing around Dec. 20, 2025 (UTC), Amicus shares were trading around $14.18, after a sharp, deal-driven move that pushed the stock close to the $14.50 takeout value. Trading was highly active, with the stock ranging roughly from the low-$11s to the mid-$14s during the session following the announcement—typical behavior for a cash-deal target as the market rapidly reprices to the offer while leaving a small “deal spread.” [2]
Below is a detailed roundup of the current news (as of Dec. 20, 2025), the latest consensus forecasts, and the key deal mechanics now shaping Amicus Therapeutics stock.
What happened: BioMarin agrees to buy Amicus for $14.50 per share in cash
BioMarin and Amicus announced on Dec. 19, 2025 that they signed a definitive merger agreement under which BioMarin will acquire Amicus for $14.50 per share in cash, for an equity value of approximately $4.8 billion. Both boards unanimously approved the transaction, and Amicus’ board recommended that shareholders vote in favor of the deal. [3]
The companies said they expect the transaction to close in Q2 2026, subject to customary conditions including regulatory clearances (including U.S. antitrust review) and Amicus shareholder approval. [4]
Why Amicus stock moved: the market repriced FOLD toward the $14.50 “cash-out” value
Cash acquisition announcements typically do two things to a target’s stock:
- Lift the share price toward the offer price (reflecting the new value if the deal closes).
- Leave a gap below the offer price (reflecting time to close and the risk the deal fails or is delayed).
That’s exactly what happened here. Amicus shares jumped roughly 30% after the announcement, landing near $14.18—close, but not equal, to the $14.50 cash consideration. [5]
For investors evaluating FOLD as of Dec. 20, 2025, the stock is now less a bet on standalone upside and more a bet on deal completion—unless a competing bid emerges.
What BioMarin is buying: Galafold, the Pompe franchise, and a Phase 3 kidney asset
1) Galafold (Fabry disease)
A core driver of Amicus’ commercial story is Galafold (migalastat), an oral therapy for Fabry disease. BioMarin is positioning Galafold as a key growth asset inside its global rare-disease infrastructure. [6]
2) Pombiliti + Opfolda (Pompe disease)
The second major commercial pillar is Pombiliti (cipaglucosidase alfa-atga) + Opfolda (miglustat) for Pompe disease. BioMarin highlighted these two franchises as a strategic fit with its existing enzyme-therapy footprint. [7]
3) DMX-200 (FSGS) – Phase 3
Beyond marketed products, BioMarin also gains access to Amicus’ U.S. rights to DMX-200, described as a potential first-in-class small-molecule candidate in Phase 3 development for focal segmental glomerulosclerosis (FSGS), a serious kidney disease. [8]
The revenue foundation
BioMarin disclosed that Galafold and the Pompe therapy together generated $599 million in net product revenue over the past four quarters—one reason the buyer argues the deal can accelerate growth “immediately after close.” [9]
Separately reported operational detail around the period also pointed to strong 2025 momentum: BioPharma Dive reported Galafold generated roughly $371 million in revenue over the first nine months of 2025, while Pombiliti/Opfolda contributed roughly $77 million in the same period. [10]
A second headline investors shouldn’t miss: Galafold patent litigation resolved, with U.S. exclusivity projected into 2037
Alongside the acquisition news, BioMarin and Amicus also disclosed a key intellectual property development: Amicus resolved pending U.S. patent litigation involving generic challengers Aurobindo and Lupin related to Galafold.
Under the announced settlement structure, the companies entered license agreements that would allow U.S. generic entry beginning Jan. 30, 2037 (if FDA approvals are obtained and certain customary conditions don’t trigger earlier outcomes). The parties also indicated they would terminate the ongoing Hatch-Waxman litigation tied to these filings. [11]
For stock investors, that matters because it strengthens the long-dated cash-flow narrative around Galafold—a key element in any valuation model and a likely contributor to BioMarin’s confidence underwriting a large, all-cash offer.
Deal structure and financing: “not subject to financing,” funded by cash plus ~$3.7B of debt
BioMarin said the transaction is not subject to financing conditions and intends to fund the purchase using a mix of cash on hand and approximately $3.7 billion of non-convertible debt financing, supported by a bridge commitment from Morgan Stanley Senior Funding. [12]
From a deal-certainty perspective, “no financing condition” is generally viewed as a positive for target shareholders, because it removes one common reason acquisitions collapse in volatile markets.
The closing timeline now driving FOLD: Q2 2026 target, antitrust review, and a shareholder vote
In its SEC filing describing the merger agreement, Amicus laid out the key gating items:
- Amicus shareholder approval (majority of outstanding common stock)
- Expiration/termination of the Hart-Scott-Rodino (HSR) waiting period and other specified antitrust/foreign investment clearances
- Absence of certain legal restraints and other customary conditions [13]
Proxy process: a near-term milestone
Amicus said it expects to file a preliminary proxy statement in anticipation of a shareholder meeting, and the merger agreement contemplates doing so within 20 business days after signing. [14]
Outside date: June 19, 2026 (with automatic extensions in some cases)
A particularly important “calendar” item for merger-arbitrage investors: the merger agreement includes an End Date of June 19, 2026 (midnight Eastern), with provisions for up to two automatic three-month extensions if, at the time of the scheduled end date, all conditions are satisfied except for certain antitrust/foreign investment clearances. [15]
This matters because time-to-close affects the “spread” between FOLD’s trading price and the $14.50 cash payout.
Termination fee, “no-shop,” and the chance of a competing bid
Termination fee: $175 million
If the merger agreement is terminated under specific circumstances—such as the company accepting a superior proposal or certain recommendation changes—Amicus may be required to pay BioMarin a $175 million termination fee, according to the company’s SEC filing. [16]
In practice, a termination fee can discourage rival bidders, but it does not necessarily prevent a competing offer—especially if a strategic buyer believes the asset value is meaningfully higher than $14.50.
No-shop with fiduciary-out
The SEC description also indicates Amicus is subject to customary non-solicitation (“no-shop”) restrictions, with typical exceptions allowing the board to consider a proposal that could reasonably lead to a superior offer, consistent with fiduciary duties and subject to matching rights. [17]
Analyst and market reaction as of Dec. 20, 2025: “strategic fit,” but not risk-free
Coverage immediately following the announcement emphasized two themes:
- Strategic logic: BioMarin consolidates its rare-disease enzyme-therapy strength by adding Amicus’ Fabry and Pompe franchises, plus pipeline upside. [18]
- Execution and sizing risk: At ~$4.8B, the acquisition is a large bet by BioMarin standards.
BioPharma Dive reported that analysts generally viewed the transaction as making strategic sense, while also highlighting that the deal represents a sizable diversification bet and could spark debate about peak-sales assumptions for the two core Amicus franchises. [19]
Investor’s Business Daily likewise noted positive analyst commentary from multiple firms characterizing the deal as a strong strategic fit and pointing to BioMarin’s global infrastructure as a potential accelerator for the Amicus products. [20]
Reuters, meanwhile, framed the acquisition as a rare-disease expansion move and reported that the deal structure would immediately add revenue after close and is expected to be accretive to adjusted profit within a year, with larger accretion projected later. [21]
FOLD stock forecasts: what Wall Street expected before the deal—and what matters now
Pre-deal consensus targets
Before the acquisition announcement reset the story, sell-side forecasts were still oriented around Amicus as a standalone rare-disease growth company.
For example, MarketBeat’s consensus snapshot listed a “Moderate Buy” consensus rating and an average 12-month price target of $16.36 (with targets ranging from about $11 to $22, based on the most recent ratings captured in its methodology). [22]
Post-deal “forecast”: the $14.50 deal price (minus closing risk)
After a definitive all-cash offer, the market’s practical forward view often compresses to:
- $14.50 if the deal closes on the expected timeline
- Some lower “break price” if the deal fails (often anchored near the pre-announcement trading range, adjusted for new information)
That’s why FOLD trading around $14.18 (as of Dec. 20, 2025 UTC pricing) can be interpreted as the market pricing in:
- The time value of money until closing, and
- A small—but non-zero—probability of delay or failure [23]
Key catalysts to watch next for Amicus Therapeutics stock
For investors following Amicus as a stock rather than a science story, the next catalysts are mostly process-driven:
- Proxy statement filing and the shareholder meeting date (sets the vote timeline) [24]
- HSR/antitrust updates and any requests for additional information that could extend review timelines [25]
- Any competing-bid signals (uncommon, but possible in strategic rare-disease assets—especially when the target has de-risked commercial revenue) [26]
- Commercial execution through the interim period (buyers still care about trajectory; targets still report results and can move the spread) [27]
Bottom line: FOLD becomes a deal stock—until it isn’t
As of Dec. 20, 2025, the defining driver for Amicus Therapeutics stock is BioMarin’s $14.50-per-share all-cash offer and the market’s confidence that the deal will clear regulatory review and win shareholder approval on a Q2 2026 timeline. [28]
Investors looking at FOLD now are effectively weighing a merger-arbitrage profile—limited upside to $14.50 absent a higher bid, balanced against deal risk, timeline risk, and the downside scenario if the transaction is terminated. [29]
References
1. www.sec.gov, 2. www.reuters.com, 3. www.sec.gov, 4. www.sec.gov, 5. www.reuters.com, 6. www.sec.gov, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.biopharmadive.com, 11. www.sec.gov, 12. www.sec.gov, 13. www.sec.gov, 14. www.sec.gov, 15. www.sec.gov, 16. www.sec.gov, 17. www.sec.gov, 18. www.sec.gov, 19. www.biopharmadive.com, 20. www.investors.com, 21. www.reuters.com, 22. www.marketbeat.com, 23. www.sec.gov, 24. www.sec.gov, 25. www.sec.gov, 26. www.sec.gov, 27. www.sec.gov, 28. www.sec.gov, 29. www.sec.gov
