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BioMarin’s (BMNR) acquisition of Amicus Therapeutics (FOLD) for $14.50/share in an all-cash transaction valued at approximately $4.8 bln marks a significant consolidation in the rare disease sector. The deal, which carries no financing conditions, is expected to close in 2Q26. Both stocks are surging on the news, with BMRN up 18% and FOLD jumping 30%. The $14.50/share price represents a 33% premium to FOLD's prior closing price.

• A major positive for the deal is the lack of equity dilution. By utilizing cash and non-convertible debt rather than issuing new shares, BMRN preserves current shareholder value while securing the capital necessary for the acquisition.
• The acquisition expands BMRN’s portfolio beyond its core focus on achondroplasia (Voxzogo), severe hemophilia A (Roctavian), and lysosomal storage disorders like Morquio A (Vimizim) and Maroteaux-Lamy syndrome (Naglazyme).
• The "crown jewels" of the deal are Galafold, the first oral treatment for Fabry disease, and Pombiliti + Opfolda, a two-component therapy for late-onset Pompe disease. These products generated $599 mln in net revenue over the past four quarters.
• Growth for these drugs remains robust. Galafold saw 15% yr/yr growth in 3Q25, while Pombiliti + Opfolda grew 42% at constant exchange rates as adoption accelerates.
• With BMRN expected to generate $3.4 bln in total revenue next year (excluding the acquisition), the addition of these high-growth treatments significantly moves the needle for the company's long-term top-line profile.
• The deal is expected to be accretive to non-GAAP EPS within the first 12 months post-closing, with substantial accretion beginning in 2027, driven by BMRN’s global commercial infrastructure and operational efficiencies.
• As a strategic bonus, FOLD resolved patent litigation with Aurobindo Pharma and Lupin Ltd. regarding generic versions of Galafold, securing U.S. exclusivity for the drug through January 2037.

Briefing.com Analyst Insight:

BMRN is paying a very reasonable price to secure a leadership position in the Fabry and Pompe disease markets. At 6.4x expected FY26 sales, the valuation is attractive given that FOLD is projected to grow revenue by 18% in FY26 while simultaneously swinging to profitability. By integrating these assets into its established global rare disease network, BMRN can extract significant commercial leverage. Furthermore, the resolution of the Galafold patent litigation removes a major overhang, providing clear runway for exclusivity until 2037. Given the immediate revenue accretion and the strategic fit with BMRN’s existing enzyme therapy expertise, we view this as a transformative and disciplined acquisition.