BioMarin to Acquire Amicus Therapeutics for $4.8 Billion in Rare Disease Deal: What Investors Need to Know -( $BMRN $FOLD $IBB $XBI )

BioMarin’s (BMRN) agreement to buy Amicus Therapeutics (FOLD) for about $4.8 billion reads like a rare‑disease power play with a punchline: Wall Street finally found a biotech deal where “Fabry” and “Pompe” are not new hedge funds, but the reason the math works.

A Rare-Disease Royalty Match

BioMarin, already a mainstay in niche genetic disorders, is paying $14.50 per Amicus share in cash, a roughly 33% premium to the prior close, to fold a rival rare‑disease specialist into its kingdom. The companies expect the transaction to close in the second quarter of 2026, subject to the usual shareholder and antitrust approvals, giving regulators just enough time to learn how to pronounce “migalastat.”

Galafold, Pombiliti, And The Power Of Small Populations

At the center of the deal are Amicus’s marketed therapies, starting with Galafold (migalastat), an oral treatment for Fabry disease, a genetic defect that causes fatty substances to build up inside cells and create a lifetime of very expensive doctor visits. BioMarin is also acquiring Pombiliti (cipaglucosidase alfa-atga) plus Opfolda (miglustat), a two‑drug regimen for late-onset Pompe disease, where glycogen, a complex sugar, accumulates in cells and gives accountants as much to track as physicians.

Revenue Today, Accretion Tomorrow

Together, Galafold and Pombiliti + Opfolda generated roughly $599–600 million in revenue over the past four quarters, which for a rare‑disease franchise passes as “mass market.” BioMarin says the acquisition will add revenue immediately after closing and be accretive to non‑GAAP diluted EPS within the first year, with “substantially accretive” becoming the new buzzword starting in 2027.

Financing The Fabry Habit

To fund the transaction, BioMarin plans to combine its roughly $2 billion in cash and investments with about $3.7 billion in non‑convertible debt financing, effectively swapping a clean balance sheet for a more “interesting” one. Management still expects to keep a handle on leverage, targeting a gross leverage ratio under 2.5x within two years, which in biotech terms counts as fiscal restraint bordering on asceticism.

Strategy: Moats, Molecules, And A Longer Runway

The deal broadens BioMarin’s rare‑disease portfolio and adds more lysosomal storage disorder firepower to its enzyme therapy franchise, shoring up a business already viewed as having a defensible economic moat. With U.S. exclusivity for Galafold expected through January 2037 after recent litigation settlements, BioMarin is not just buying near‑term growth; it is effectively leasing a longer runway for its rare‑disease tollbooth.

A Rare-Disease Royalty Match

Galafold, Pombiliti, And The Power Of Small Populations

Revenue Today, Accretion Tomorrow

Financing The Fabry Habit

Strategy: Moats, Molecules, And A Longer Runway

The Sources

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