BioMarin to Buy Amicus Therapeutics

Acquirer: BioMarin Pharmaceutical Inc. (NASDAQ: BMRN)

• Global biotechnology company that develops and commercializes therapies for life-threatening rare diseases, with a portfolio of approved treatments and pipeline candidates targeting genetic, metabolic, and growth disorders
• Founded in 1996 and headquartered in San Rafael, CA

Acquirer Financial Statistics

• Mkt Cap: $10.0 billion
• EV: $9.1 billion
• LTM Revenue: $3.1 billion
• LTM EBITDA: $794.1 million
• LTM EV / Revenue: 2.9x
• LTM EV / EBITDA: 11.5x

Acquirer Advisor(s)

Morgan Stanley, J.P. Morgan

Target Company: Amicus Therapeutics, Inc. (NASDAQ: FOLD)

• Biotechnology company that develops and commercializes innovative treatments for rare diseases, including therapies for Fabry and Pompe diseases, through internal programs and strategic collaborations
• Founded in 2002 and headquartered in Princeton, NJ

Target Financial Statistics

• Mkt Cap: $3.4 billion
• EV: $3.5 billion
• LTM Revenue: $598.7 million
• LTM EBITDA: $42.1 million
• LTM EV / Revenue: 5.8x
• LTM EV / EBITDA: NM

Target Advisor(s)

Centerview Partners, Goldman Sachs

Price/Consideration

$4.8 billion/Cash

Deal Details

Announcement Date

• December 19, 2025

Rationale

• The combination integrates Amicus’ therapies into BioMarin’s established enzyme therapies business unit, improving operational leverage and execution speed
• The acquisition adds $599 million of trailing twelve-month revenue, is expected to accelerate revenue growth immediately, and increase BioMarin’s long-term CAGR through 2030 and beyond
• The transaction is projected to be accretive to Non-GAAP EPS within 12 months and substantially accretive beginning in 2027, while maintaining a clear deleveraging path to below 2.5x gross leverage within two years post-close
• The deal deepens BioMarin’s leadership in rare diseases, particularly lysosomal storage disorders, by adding two differentiated, marketed therapies for Fabry and Pompe disease
• It diversifies and strengthens BioMarin’s commercial portfolio and pipeline, including access to Amicus’ Phase 3 asset DMX-200, while aligning with BioMarin’s capital allocation strategy of acquiring innovative, high-impact rare disease assets
• “With BioMarin's unwavering commitment to patients, along with greater resources and scale, Amicus' medicines will reach even more patients around the world, faster,” said Bradley L. Campbell, President and CEO of Amicus

Deal Points

• 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