On Friday, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) agreed to acquire Amicus Therapeutics, Inc. (NASDAQ:FOLD) for a total equity value of about $4.8 billion.

"Immediately upon close, this transaction is expected to accelerate BioMarin's revenue growth and strengthen our financial outlook, delivering significant value to patients, employees, and stockholders. The transaction is expected to be accretive to Non-GAAP Diluted EPS in the first 12 months following close," said Alexander Hardy, President and Chief Executive Officer of BioMarin.

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Analyst Take

Truist Securities maintains BioMarin with a Buy and raises the price forecast from $80 to $100.

William Blair views the acquisition favorably, citing the addition of two revenue-generating rare disease therapies to BioMarin's portfolio. Analyst Sami Corwin sees a strong strategic fit, highlighting clear synergies with BioMarin's expertise in rare disease and enzyme therapy commercialization.

While the deal does not fully offset potential Voxzogo revenue pressure from competition, it meaningfully diversifies BioMarin's revenue base and carries no clinical development risk.

William Blair notes that Galafold is a more mature asset, ...