BioMarin to Buy Amicus for $4.8B, Adding Fabry and Pompe Franchises
BioMarin Pharmaceutical has struck one of the largest rare-disease biotech deals of the year, agreeing to acquire Amicus Therapeutics for $4.8 billion in an all-cash transaction, a move that immediately deepens BioMarin’s commercial footprint in Fabry and Pompe diseases and accelerates its near- and long-term revenue trajectory.
Under the terms of the agreement, BioMarin will pay $14.50 per Amicus share, representing a 33% premium to Amicus’ last closing price. The transaction has been unanimously approved by both companies’ boards and is expected to close in the second quarter of 2026, pending regulatory clearances and Amicus shareholder approval.
The acquisition brings BioMarin two marketed, high-growth assets, Galafold® (migalastat) for Fabry disease and Pombiliti® (cipaglucosidase alfa-atga) plus Opfolda® (miglustat) for Pompe disease, which together generated $599 million in revenue over the past four quarters. Both products slot directly into BioMarin’s enzyme therapy franchise, reinforcing its position as one of the world’s dominant rare-disease commercial players.
BioMarin said the deal will be accretive to non-GAAP diluted EPS within the first 12 months after close and substantially accretive beginning in 2027, reflecting the maturity and growth profile of Amicus’ portfolio. The company expects the acquisition to lift its long-term revenue compound annual growth rate through 2030 and beyond.
The transaction will be financed with a mix of cash on hand and approximately $3.7 billion in non-convertible debt, with BioMarin targeting a return to gross leverage below 2.5x within two years of closing.
Beyond near-term accretion, BioMarin views the deal as a strategic extension of its capital allocation strategy, deploying balance-sheet strength to add de-risked, revenue-generating assets while expanding its global rare-disease reach.
Amicus announced simultaneous settlement of U.S. patent litigation with Aurobindo Pharma and Lupin, granting licenses that allow generic entry no earlier than January 30, 2037, pending FDA approval. The settlement effectively secures long-term U.S. exclusivity for Galafold and removes a major uncertainty heading into the acquisition.
Galafold is currently approved in more than 40 countries and is the first oral therapy for Fabry disease, targeting patients with amenable GLA variants, estimated to represent 35–50% of the Fabry population depending on geography.
Pombiliti plus Opfolda adds a differentiated Pompe therapy aimed at adults with late-onset disease who are not improving on existing enzyme replacement therapy. The two-component approach combining a next-generation rhGAA with an oral enzyme stabilizer broadens BioMarin’s competitive positioning in a market increasingly focused on efficacy beyond first-generation ERTs.
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Together, the Fabry and Pompe assets diversify BioMarin’s revenue base while reinforcing its core competency in lysosomal storage disorders, a category where scale, manufacturing expertise, and global access infrastructure remain decisive advantages.
In addition to its commercial portfolio, Amicus contributes DMX-200, a Phase 3-stage investigational therapy for focal segmental glomerulosclerosis (FSGS). While not central to deal economics, the asset provides BioMarin optionality in a rare kidney disease with limited treatment options.
