BioMarin Pharmaceutical Inc. (BMRN) entered a merger agreement on December 19, 2025, to acquire Amicus Therapeutics, Inc. (FOLD) for $4.8 billion.
BioMarin will acquire Amicus for $14.5 per share in an all-cash transaction, representing a premium of 33.15% from the stock’s last close.
Amicus is a biotechnology company focused on discovering, developing, and delivering innovative medicines for people living with rare diseases, with a portfolio that includes approved therapies and advanced clinical programs in areas such as Fabry disease, Pompe disease, and genetic neurological disorders.
BioMarin is a biotechnology company focused on developing and commercializing innovative therapies for people living with serious, genetically defined rare diseases, with an established portfolio of approved medicines and a robust clinical and preclinical pipeline.
The deal is expected to close in the second quarter of 2026.
The acquisition will strengthen BioMarin’s commercial portfolio by adding two treatments to its existing lineup of medicines for lysosomal storage disorders: Galafold (migalastat), the first oral therapy for Fabry disease, and Pombiliti (cipaglucosidase alfa-atga) plus Opfolda (miglustat), a two-component therapy for Pompe disease.
In addition, Amicus holds U.S. rights to DMX-200, a potential first-in-class investigational small-molecule therapy for focal segmental glomerulosclerosis (FSGS), a rare and often fatal kidney disease currently in Phase 3 development.
BioMarin plans to pay for the deal using a mix of its existing cash and about $3.7 billion in non-convertible debt. Morgan Stanley Senior Funding is serving as the sole lead arranger and has committed to providing this financing.
Centerview Partners and Goldman Sachs served as financial advisors to Amicus, with Kirkland & Ellis acting as legal counsel. BioMarin was advised on financial matters by Morgan Stanley and J.P. Morgan Securities, while Jones Day and Cooley provided legal counsel.
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Editor’s Note: Baranjot Kaur contributed to this article