BioMarin Pharmaceutical is set to deepen its push into rare metabolic diseases after announcing a definitive agreement to acquire Amicus Therapeutics in an all‑cash transaction valued at approximately $4.8 billion. The deal would add two marketed therapies—Galafold for Fabry disease and Pombiliti + Opfolda for Pompe disease—while also bringing in a Phase 3 kidney-disease program that could widen BioMarin’s late‑stage pipeline. [1]
The acquisition is the latest example of a larger biotech company using M&A to secure near‑term revenue and strengthen long‑term growth, particularly in rare disease categories where commercialization requires specialized manufacturing, reimbursement know‑how, and tight engagement with patient communities. BioMarin’s leadership is pitching this move as a strategic fit that can scale Amicus’ products across new geographies and accelerate BioMarin’s growth trajectory immediately after the deal closes. [2]
Deal terms: $14.50 per share, board approvals, and a targeted 2026 close
Under the agreement, BioMarin will acquire Amicus for $14.50 per share in cash, representing a 33% premium to Amicus’ prior closing price, with higher premiums versus recent volume‑weighted averages, according to the companies. The boards of both companies have unanimously approved the transaction, and Amicus’ board has recommended that shareholders vote in favor. [3]
BioMarin and Amicus expect the transaction to close in the second quarter of 2026, subject to customary conditions—most notably Amicus shareholder approval, U.S. antitrust review under the Hart‑Scott‑Rodino framework, and other regulatory clearances. [4]
How BioMarin plans to pay for the acquisition
BioMarin said the acquisition is not subject to financing conditions and plans to fund it through a mix of cash on hand and approximately $3.7 billion in non‑convertible debt financing, with Morgan Stanley providing a bridge commitment. [5]
In its Form 8‑K disclosure, BioMarin described a debt financing commitment of up to approximately $3.65 billion via a 364‑day senior secured bridge facility, noting the company may replace part of that bridge with bank or capital‑markets financing depending on market conditions. [6]
Reuters reported BioMarin had about $2 billion in total cash and investments as of September 30, underscoring why external debt is expected to play a major role in funding the cash purchase price. [7]
What BioMarin is buying: two marketed rare-disease drugs plus a Phase 3 pipeline asset
BioMarin’s core strategic message is straightforward: the company is paying for commercial scale and durable rare‑disease revenue, not a distant scientific bet.
1) Galafold for Fabry disease
Galafold (migalastat) is an oral therapy for adults with Fabry disease who have “amenable” GLA gene variants. BioMarin and Amicus emphasized that Galafold is approved in more than 40 countries, positioning it as an established global product that can expand further through BioMarin’s footprint. [8]
In the announcement, Amicus estimated that roughly 35% to 50% of people living with Fabry disease may have amenable variants (with variation by geography), an important detail for investors modeling the therapy’s addressable patient base. [9]
2) Pombiliti + Opfolda for Pompe disease
BioMarin also gains Pombiliti (cipaglucosidase alfa‑atga) + Opfolda (miglustat), a two‑component therapy for certain adults with late‑onset Pompe disease. The companies highlighted the regimen as a differentiated approach in Pompe, an area where specialized infusion logistics, long‑term adherence, and payer coverage are central to commercial execution. [10]
The U.S. FDA’s orphan drug designation and approvals database lists the marketing approval date as September 28, 2023, and specifies the labeled use in adults with late‑onset Pompe disease who meet particular criteria (including weight and prior response). [11]
3) DMX‑200: a Phase 3 kidney disease program
Beyond marketed products, the deal includes Amicus’ U.S. rights to DMX‑200, which BioMarin described as a Phase 3 investigational small molecule for focal segmental glomerulosclerosis (FSGS). [12]
Amicus’ push into FSGS has been watched closely because it represents a chance to move beyond its two current commercial franchises. In 2025, Fierce Biotech reported that Amicus paid $30 million for U.S. rights to the Phase 3 prospect and outlined the milestone structure tied to development and sales—illustrating the “de‑risked asset” strategy Amicus had pursued ahead of this acquisition. [13]
Revenue and growth: $599 million in recent sales and an accretion narrative
BioMarin says the acquisition adds immediate commercial heft: Galafold and Pombiliti + Opfolda generated $599 million in combined net product revenues over the past four quarters, according to the announcement. [14]
BioMarin also expects the transaction to be:
- Accretive to Non‑GAAP diluted EPS in the first 12 months after closing
- Substantially accretive beginning in 2027
- Supportive of its deleveraging goals, targeting gross leverage below 2.5x within two years after close [15]
Those commitments matter because the company is pairing a sizeable debt load with an acquisition thesis centered on near‑term revenue, not just long‑term R&D optionality.
A key legal update folded into the deal: Galafold patent litigation resolved, exclusivity projected to 2037
One of the most consequential “same‑day” developments attached to the acquisition announcement is the resolution of pending U.S. patent litigation over Galafold.
BioMarin and Amicus said Amicus resolved patent litigation related to abbreviated new drug applications (ANDAs) from Aurobindo Pharma and Lupin, entering license agreements that would allow U.S. generic entry beginning January 30, 2037 (if approved by the FDA and absent certain customary exceptions). Based on these settlements, the companies said U.S. exclusivity for Galafold is expected through January 2037. [16]
For investors, that detail is not a footnote—it supports the cash‑flow durability that often underpins acquisition pricing in rare disease, especially when the asset is already commercial and globally distributed.
Market reaction: Amicus jumps, BioMarin rises as investors weigh the price and the fit
The announcement sparked an immediate trading response. Reuters reported Amicus shares surged around 30% while BioMarin rose nearly 5% in premarket trading, reflecting the typical pattern in cash M&A—target shares move toward the offer price, while the buyer’s stock moves based on perceived strategic value, financing risk, and integration execution. [17]
Investors.com similarly noted Amicus shares jumping toward the $14.50 deal value and highlighted the $599 million sales figure as a key support for BioMarin’s “revenue now” rationale. [18]
What happens next: shareholder vote, regulatory reviews, and deal protections
With a planned close in Q2 2026, the timeline now shifts to process and approvals.
BioMarin’s 8‑K disclosure states Amicus is expected to prepare and file a preliminary proxy statement within 20 business days after signing, in anticipation of a shareholder vote. [19]
The merger agreement also includes standard deal protections, including:
- An outside “end date” of June 19, 2026 (with automatic extensions in certain circumstances tied to antitrust/FDI clearances) [20]
- A $175 million termination fee payable by Amicus to BioMarin under specified conditions (including acceptance of a superior proposal or certain recommendation changes) [21]
Why this acquisition fits BioMarin’s rare disease playbook
BioMarin is positioning the acquisition as more than a portfolio add-on—it’s a scale move within a business model that depends on specialized infrastructure. In announcing the deal, BioMarin CEO Alexander Hardy pointed to the company’s “global commercial footprint” and “industry‑leading, in‑house manufacturing capabilities” as reasons the combination is strategically compelling for rare disease medicines. [22]
From a product strategy perspective, the fit is notable because both Fabry and Pompe are lysosomal storage disorders, aligning with BioMarin’s stated goal of strengthening and expanding its enzyme‑therapies business. [23]
If BioMarin successfully integrates Amicus’ commercial teams and expands access across additional markets—as it argues it can—the acquisition could become a case study in how mid‑cap biotech companies build durable growth in rare diseases: by pairing late‑stage innovation with the operational scale needed to reach patients globally.
Bottom line
The BioMarin–Amicus transaction announced on December 19, 2025 is a rare-disease consolidation move with three pillars: near‑term revenue from two marketed products, longer‑term pipeline upside via DMX‑200, and a reinforced patent runway for Galafold after new litigation settlements pointing to U.S. exclusivity through January 2037. [24]
Now investors will focus on three questions as the deal heads toward a 2026 close: Can BioMarin manage the debt-financed purchase without eroding financial flexibility, can it accelerate global uptake of Amicus’ drugs, and can the combined company sustain growth while maintaining the operational intensity rare disease markets demand.
References
1. www.biomarin.com, 2. www.biomarin.com, 3. www.biomarin.com, 4. www.biomarin.com, 5. www.biomarin.com, 6. www.streetinsider.com, 7. www.reuters.com, 8. www.biomarin.com, 9. www.biomarin.com, 10. www.biomarin.com, 11. www.accessdata.fda.gov, 12. www.biomarin.com, 13. www.fiercebiotech.com, 14. www.biomarin.com, 15. www.biomarin.com, 16. www.biomarin.com, 17. www.reuters.com, 18. www.investors.com, 19. www.streetinsider.com, 20. www.streetinsider.com, 21. www.streetinsider.com, 22. www.biomarin.com, 23. www.biomarin.com, 24. www.biomarin.com
