BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announced it has entered into a definitive agreement to acquire Amicus Therapeutics (Nasdaq: FOLD) in an all-cash transaction valued at approximately $4.8 billion. Under the terms of the deal, BioMarin will acquire Amicus for $14.50 per share, representing a significant premium to Amicus’ recent trading levels. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and Amicus shareholder approval.
The acquisition significantly expands BioMarin’s presence in the rare disease market by adding two marketed, high-growth therapies to its commercial portfolio. Amicus brings Galafold® (migalastat), an oral therapy for Fabry disease, and Pombiliti® (cipaglucosidase alfa-atga) in combination with Opfolda® (miglustat), a next-generation treatment for Pompe disease. Together, these products generated $599 million in revenue over the past four quarters, immediately strengthening BioMarin’s top-line growth profile.
From a strategic standpoint, the transaction deepens BioMarin’s focus on lysosomal storage disorders, an area where the company already has established expertise and commercial infrastructure. The addition of Amicus’ therapies is expected to accelerate BioMarin’s long-term revenue growth rate through 2030 and beyond, while diversifying its enzyme therapies business unit. BioMarin also plans to leverage its global commercial footprint to expand access to Galafold and Pombiliti + Opfolda in additional international markets.
The deal carries favorable financial implications for BioMarin shareholders. Management expects the acquisition to be accretive to non-GAAP diluted earnings per share within the first 12 months following closing and substantially accretive beginning in 2027. BioMarin intends to finance the transaction using a combination of existing cash and approximately $3.7 billion in new debt financing, with no equity issuance required. The company has stated that it remains committed to deleveraging, targeting gross leverage below 2.5x within two years after closing.
Importantly, a key overhang related to Galafold’s U.S. intellectual property has been resolved ahead of the acquisition. Amicus has settled ongoing patent litigation with generic challengers, securing U.S. exclusivity for Galafold until January 2037, barring limited customary exceptions. This resolution enhances revenue visibility and strengthens the long-term value of the Fabry franchise within BioMarin’s portfolio.
Beyond marketed products, Amicus also contributes pipeline optionality. The company holds U.S. rights to DMX-200, a Phase 3 investigational therapy for focal segmental glomerulosclerosis (FSGS), a rare and often fatal kidney disease. While not central to the acquisition thesis, the asset provides additional upside potential.
Overall, the acquisition underscores BioMarin’s capital allocation strategy of deploying its strong balance sheet to acquire de-risked, revenue-generating assets that align with its core rare disease focus. With immediate revenue contribution, improved earnings power, and expanded global reach, the Amicus transaction positions BioMarin to strengthen its leadership in rare diseases while delivering long-term shareholder value.
