BioMarin completes $270 million acquisition of Inozyme Pharma

SAN RAFAEL, Calif. - BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), a biotechnology company with a market capitalization of $10.5 billion and a perfect Piotroski Score of 9 according to InvestingPro, has completed its acquisition of Inozyme Pharma, Inc. (NASDAQ:INZY) for $4.00 per share in an all-cash transaction valued at approximately $270 million, the company announced Tuesday.

The acquisition adds INZ-701, a late-stage enzyme replacement therapy, to BioMarin’s portfolio. The treatment is being developed for ENPP1 Deficiency, a rare genetic condition affecting blood vessels, soft tissues and bones. BioMarin’s strong financial position, with a current ratio of 5.52 and revenue growth of 19.4% in the last twelve months, suggests robust capability to support the development of this new therapy.

BioMarin’s tender offer expired as scheduled on June 30, with approximately 45,455,118 shares validly tendered, representing about 70% of Inozyme’s outstanding shares. Following the tender offer, BioMarin completed the acquisition through a merger of its subsidiary, Incline Merger Sub, with Inozyme.

All remaining Inozyme shares not tendered in the offer were converted to the right to receive $4.00 per share in cash. Following the merger completion, Inozyme shares have ceased trading on the Nasdaq Global Select Market and will be delisted.

The acquisition follows a definitive merger agreement announced on May 16, after which BioMarin commenced a tender offer on June 2 to acquire all issued and outstanding Inozyme shares.

Goldman Sachs & Co. LLC served as exclusive financial advisor to BioMarin, while Centerview Partners LLC advised Inozyme.

Based in San Rafael, California, BioMarin is a biotechnology company focused on developing treatments for genetically defined conditions, with eight commercial therapies currently on the market. Boston-based Inozyme, with approximately 50 employees, specializes in therapeutics targeting the PPi-Adenosine Pathway, which regulates bone health and blood vessel function. InvestingPro analysis indicates BioMarin is currently trading near its 52-week low, with multiple positive indicators suggesting potential undervaluation. Subscribers can access 8 additional ProTips and a comprehensive research report covering BioMarin’s full financial health and growth prospects.

The information in this article is based on a press release statement from BioMarin Pharmaceutical Inc.

In other recent news, BioMarin Pharmaceutical Inc. announced promising five-year data for its hemophilia A gene therapy, ROCTAVIAN, demonstrating sustained efficacy and safety. The therapy, which received FDA approval in June 2023, showed that 81.3% of participants remained off prophylactic treatment, with stable factor VIII activity levels and no new safety signals. Additionally, BioMarin is in the spotlight for its strategic acquisition of Inozyme Pharma for approximately $270 million, aimed at strengthening its enzyme therapy portfolio. This acquisition, expected to close in the third quarter of 2025, includes INZ-701, a Phase 3 enzyme replacement therapy for ENPP1 Deficiency. Analyst firms like Bernstein have responded positively, raising BioMarin’s stock target to $95 and maintaining an Outperform rating, citing the acquisition as a strategic fit. Meanwhile, Jefferies maintained a Buy rating with a $110 price target, despite BioMarin’s ongoing legal battles to protect its Voxzogo drug exclusivity. Stifel also upheld a Buy rating, highlighting BioMarin’s growth potential and strategic initiatives discussed during a recent Biotech Bus Tour. These developments come as BioMarin continues to navigate competitive challenges and expand its therapeutic offerings.

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