BioMarin Pharmaceutical (BMRN) M&A Announcement summary

Deal rationale and strategic fit

• Expands leadership in rare diseases by adding two high-growth, marketed therapies for Fabry and Pompe diseases, leveraging a global commercial footprint and manufacturing capabilities.

• Both companies share a mission-driven culture focused on innovative therapies for genetically defined rare diseases and a commitment to finding and treating more patients globally.

• Seamless fit with enzyme therapies business unit, supporting capital allocation strategy and enabling broader patient reach.

• Executes on capital allocation strategy to diversify and maximize growth drivers.

Financial terms and conditions

• All-cash transaction at $14.50 per share, valuing the deal at $4.8 billion, representing a 33% premium to the prior closing price.

• Premiums of 46% and 58% to the 30- and 60-day volume-weighted average prices, respectively.

• Financed through cash on hand and $3.7 billion in non-convertible debt; not subject to financing conditions.

• Unanimous approval by both companies' Boards of Directors.

• Pro forma gross leverage at close projected between 3.0x-3.5x, targeting under 2.5x within two years post-close.

Synergies and expected cost savings

• Immediate revenue contribution and increased long-term CAGR, diversifying revenue mix and driving efficiencies aligned with margin expansion priorities.

• Expected to be accretive to non-GAAP diluted EPS within 12 months and substantially accretive from 2027.

• Integration will focus on maintaining and building Amicus's capabilities while leveraging BioMarin's scale.