Biomarin Pharmaceutical Inc. has entered into a definitive agreement to acquire Amicus Therapeutics for $4.8 billion in an all-cash transaction. The acquisition is expected to strengthen Biomarin's financial outlook and accelerate its revenue growth.
The acquisition will see Biomarin gain access to Galafold® (migalastat) for Fabry disease and Pombiliti® (cipaglucosidase alfa-atga) + Opfolda® (miglustat) for Pompe disease. These two products have generated a combined net product revenue of $599 million over the past four quarters.
Upon the close of the acquisition, the transaction is expected to accelerate Biomarin’s revenue growth and become accretive to non-GAAP diluted earnings per share (EPS) in the first 12 months post-close and substantially accretive to non-GAAP diluted EPS beginning in 2027.
The acquisition is also expected to diversify Biomarin’s rare disease product portfolio and create substantial shareholder value. The company anticipates that the acquisition will increase Biomarin’s long-term compound annual growth rate (CAGR) through 2030 and beyond.
Under the terms of the agreement, Biomarin will acquire Amicus for $14.50 per share in an all-cash transaction, representing a 33% premium to Amicus’ last close, a 46% premium to the 30-day volume-weighted average stock price, and a 58% premium to the 60-day volume-weighted average stock price.
Biomarin intends to finance the transaction through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing.
Additionally, Amicus has resolved the patent litigation regarding Galafold, which will ensure U.S. exclusivity for Galafold through January 2037.
This acquisition represents a strategic move for Biomarin, demonstrating the company's commitment to leveraging its financial strength to diversify its pipeline and add innovative new therapies for patients. Today the company's shares have moved 30.49% to a price of $14.21. For more information, read the company's full 8-K submission here.
