Pharma BD Deal Intelligence
BioMarin's largest-ever deal: $4.8B cash, a 33% premium, for Amicus's Galafold and Pombiliti+Opfolda—commercial rare-disease revenue now, not pipeline promises—though it required $3.7B in new debt to finance.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →On December 19, 2025, Amicus Therapeutics, Inc. entered into an Agreement and Plan of Merger with BioMarin Pharmaceutical Inc. and a wholly-owned subsidiary,…
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BioMarin completed its acquisition of Amicus Therapeutics on April 27, 2026, for $14.50/share in cash, total equity value ~$4.8B (a 33% premium) - BioMarin's largest-ever transaction. The deal closed as a one-step all-cash merger after Amicus stockholders approved it and the final regulatory condition (France Ministry of Economics and Finance clearance, April 23, 2026) was satisfied; U.S. FTC granted HSR early termination on February 11, 2026. Amicus survives as a wholly owned BioMarin subsidiary and was delisted from Nasdaq. The acquisition strengthens BioMarin's rare disease portfolio with two commercial lysosomal storage disorder therapies - Galafold (migalastat) for Fabry disease and Pombiliti+Opfolda (cipaglucosidase alfa-atga + miglustat) for Pompe disease - plus the late-stage kidney asset DMX-200 (Phase 3, FSGS).
50K US cases/yr · $4.5B Combined US Rare Disease Franchise Market
The acquisition consolidates three distinct rare disease indications. Fabry disease is an X-linked lysosomal storage disorder caused by GLA gene mutations leading to alpha-galactosidase A deficiency and progressive accumulation of globotriaosylceramide (Gb3), resulting in renal failure, cardiomyopathy, stroke, and neuropathic pain; approximately 3,000-10,000 US patients. Pompe disease (glycogen storage disease type II) is caused by GAA gene mutations producing acid alpha-glucosidase deficiency, leading to glycogen accumulation in muscle and cardiac tissue with infantile-onset and late-onset phenotypes; approximately 3,000-5,000 US patients. Focal segmental glomerulosclerosis (FSGS) is a histologic pattern of kidney injury characterized by scarring in parts of some glomeruli, causing nephrotic syndrome, progressive chronic kidney disease, and end-stage renal disease; approximately 40,000 US patients with primary FSGS, no FDA-approved disease-modifying therapies currently. Standard of care across these indications ranges from enzyme replacement therapy (ERT), chaperone therapy, substrate reduction therapy, and symptomatic management; FSGS is limited to immunosuppression and RAAS blockade.
The rare disease competitive landscape spans multiple mechanisms. In Fabry disease: Fabrazyme (agalsidase beta, Sanofi) as enzyme replacement therapy, Replagal (agalsidase alfa, Takeda, ex-US), Galafold (migalastat, Amicus) as oral pharmacological chaperone for amenable GLA mutations, and next-generation approaches including Sanofi's venglustat (substrate reduction) and Protalix/Chiesi's pegunigalsidase alfa (Elfabrio). In Pompe disease: Myozyme/Lumizyme (alglucosidase alfa, Sanofi) and Nexviazyme (avalglucosidase alfa, Sanofi) as enzyme replacement, Pombiliti+Opfolda (cipaglucosidase alfa + miglustat, Amicus) as ERT plus stabilizer, and AAV-based gene therapies from Sarepta, Spark, and Astellas. In FSGS: no approved disease-modifying therapy; Travere's sparsentan (Filspari, dual ETA/ARB) approved for IgAN with FSGS Phase 3 DUPLEX; DMX-200 (Dimerix/Amicus, CCR2 antagonist); Vertex's inaxaplin (APOL1-mediated); Goldfinch's GFB-887; Variant Bio earlier-stage programs.
The U.S. FTC granted early termination of the Hart-Scott-Rodino waiting period on February 11, 2026, clearing U.S. antitrust review of the BioMarin/Amicus merger.
At a March 3, 2026 special meeting, Amicus Therapeutics stockholders adopted the Agreement and Plan of Merger with 234,593,492 votes for, 119,194 against, and 72,557 abstentions (~99% of votes cast).
On April 23, 2026, the France Ministry of Economics and Finance granted clearance for the merger, satisfying the final regulatory condition to closing.
BioMarin completed its acquisition of Amicus Therapeutics on April 27, 2026, for $14.50/share cash (~$4.8B). Amicus became a wholly owned BioMarin subsidiary and was delisted from Nasdaq.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| BioMarin Pharmaceutical Inc. / Amicus Therapeutics, Inc. (this deal) | 2025 | $4.8B | — |
| BioMarin Pharmaceutical Inc. / Inozyme Pharma, Inc. | 2025 | $270M | — |
| BioMarin Pharmaceutical Inc. / Alesta Therapeutics B.V. | 2026 | $490M | — |
| Shire plc / Dyax Corp. | 2016 | $5.9B | 89 |
| Horizon Pharma plc / Hyperion Therapeutics, Inc. | 2015 | $1.1B | 79 |
| Shire plc / NPS Pharmaceuticals | 2015 | $5.2B | 78 |
| AstraZeneca PLC / Amolyt Pharma | 2024 | $1.1B | 73 |
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