BioMarin Pharmaceutical Inc., based in San Rafael, California, has announced an agreement to acquire Amicus Therapeutics, a biotechnology company located in Princeton, for $14.50 per share in an all-cash deal. The total equity value of the transaction is approximately $4.8 billion. The Boards of Directors from both companies have unanimously approved the acquisition, and Amicus’ Board has recommended that its stockholders vote in favor of the agreement. The closing of the deal is expected in the second quarter of 2026, pending regulatory approvals and approval by Amicus stockholders.
Alexander Hardy, president and chief executive officer of BioMarin, stated: “Amicus, like BioMarin, is a company that has been profoundly dedicated to transforming care for patients with rare diseases since its founding, developing and bringing to market important therapies for individuals living with Fabry disease and Pompe disease. BioMarin’s scale of operations, including our global commercial footprint and industry-leading, in-house manufacturing capabilities make the combination of these companies an exceptional strategic fit. Immediately upon close, this transaction is expected to accelerate BioMarin’s revenue growth and strengthen our financial outlook, delivering significant value to patients, employees and stockholders. The transaction is expected to be accretive to Non-GAAP Diluted EPS in the first 12 months following close.”
Bradley L. Campbell, president and chief executive officer of Amicus Therapeutics added: “I am enormously proud of our Amicus team. Together with our partners in the rare disease community, we created a truly patient-centric biotech and successfully developed two transformative medicines for people living with rare diseases, which impacted the lives of more than 3,400 patients around the world. With BioMarin’s unwavering commitment to patients, along with greater resources and scale, Amicus’ medicines will reach even more patients around the world, faster. We are confident that this agreement is in the best interests of our shareholders by providing compelling, certain and premium value, and will accelerate progress for the rare disease community.”
Through this acquisition BioMarin will expand its portfolio focused on lysosomal storage disorders by adding Galafold (migalastat), an oral treatment for Fabry disease; Pombiliti (cipaglucosidase alfa-atga) + Opfolda (miglustat), a two-component therapy for Pompe disease; as well as U.S. rights to DMX-200—a Phase 3 investigational drug candidate targeting focal segmental glomerulosclerosis (FSGS), a rare kidney disorder.
The purchase will be financed through cash on hand combined with about $3.7 billion in non-convertible debt financing arranged by Morgan Stanley Senior Funding Inc., which has also provided a bridge commitment for this amount. The final financing structure will include pre-payable debt components aimed at reducing leverage within two years after closing.
Advisors involved include Morgan Stanley & Co. LLC as lead financial advisor to BioMarin; J.P. Morgan Securities LLC also provided advice; Jones Day serves as legal counsel for BioMarin regarding acquisition matters while Cooley LLP advises on financing issues. Centerview Partners LLC together with Goldman Sachs & Co. LLC act as financial advisors to Amicus Therapeutics; Kirkland & Ellis LLP provides legal counsel.
