San Rafael-based BioMarin is putting down a hefty all-cash wager on the rare-disease market, agreeing to buy New Jersey drugmaker Amicus Therapeutics in a deal valued at about $4.8 billion. The offer comes to $14.50 a share, roughly a 33% premium to Amicus's recent closing price, and would bring marketed treatments for Fabry and Pompe disease under BioMarin’s roof if the transaction closes as planned in the second quarter of 2026.
In a press release from BioMarin, the company confirmed the $14.50 per share price tag and said the boards of both companies have unanimously approved the deal. BioMarin expects the acquisition to speed up revenue growth and to be accretive to non-GAAP diluted earnings per share within the first 12 months after closing. The agreement still has to clear customary closing conditions, including approval from Amicus stockholders.
Bradley L. Campbell, president and CEO of Amicus, said the company had "created a truly patient-centric biotech" and that becoming part of BioMarin would help its medicines reach more patients more quickly, according to BioMarin. The Amicus board recommended that stockholders vote to adopt the merger agreement, and the companies scheduled a conference call to walk investors through the transaction.
Products and revenue
Amicus, headquartered in Princeton, N.J., markets Galafold, an oral therapy for Fabry disease, and the two-component Pombiliti + Opfolda therapy for Pompe disease. Those products together brought in about $599 million over the last four quarters, according to The Wall Street Journal. The company also holds U.S. rights to DMX-200, a Phase 3 candidate for focal segmental glomerulosclerosis. The contact page for Amicus Therapeutics lists its headquarters in Princeton.
How BioMarin will pay for it
BioMarin says the deal does not depend on securing new financing. Instead, it plans to use cash on hand along with about $3.7 billion in non-convertible debt, with Morgan Stanley serving as lead arranger, according to Reuters. The company said its long-term financing structure will feature a meaningful share of pre-payable debt as it works to cut gross leverage within two years of the transaction closing.
The acquisition follows a period of strategic reshuffling at BioMarin under CEO Alexander Hardy, including efforts to scale back support for the Roctavian gene therapy and concentrate on more predictable enzyme-therapy franchises, analysts have noted. Barron's reports that the Amicus buyout would give BioMarin immediate commercial heft in rare-disease drugs.
Regulatory and shareholder approvals
The deal still has to clear several hurdles. Amicus stockholders must sign off, and regulators must complete their reviews, including the Hart-Scott-Rodino waiting period. Licensing arrangements related to Galafold will also be submitted for federal review, according to The Wall Street Journal. Those filings, and how any antitrust review is timed, will be key checkpoints on the way to a potential second-quarter 2026 close.
Amicus's shares jumped about 30% after the acquisition was announced, while BioMarin's stock also climbed in early trading, signaling investor support for the strategic fit, according to reporting on the deal. Analysts and shareholders will be paying close attention to how BioMarin plans to integrate Amicus and handle the added debt load as the companies move toward a vote and regulatory sign-off.
For Marin County, the buyout highlights the continuing clout of Bay Area rare-disease biotech and could eventually translate into more commercial-scale or manufacturing work for local operations. For now, the big question is whether shareholders and federal regulators clear the path for BioMarin and Amicus to hit their target of completing the merger in the second quarter of 2026.
