BioMarin completes acquisition of Inozyme Pharma, triggers delisting from Nasdaq

BioMarin Pharmaceutical (TADAWUL:2070) Inc. (NASDAQ:BMRN) completed its acquisition of Inozyme Pharma, Inc. (NASDAQ:INZY) on Tuesday, according to a statement released in a SEC filing. The transaction was carried out under a previously announced agreement and plan of merger dated May 16, 2025. The acquisition target showed strong momentum leading up to the deal, with InvestingPro data showing a 44.4% price return over the past six months.

As part of the deal, BioMarin, through its wholly owned subsidiary Incline Merger Sub, Inc., launched a tender offer on June 2 to purchase all outstanding shares of Inozyme common stock at $4.00 per share in cash. The offer and withdrawal rights expired one minute after 11:59 p.m. Eastern Time on June 30. Computershare Trust Company, acting as the paying agent, reported that 45,455,118 shares were validly tendered and not withdrawn, representing approximately 69.8% of Inozyme’s outstanding shares at the time.

Following satisfaction of all conditions, BioMarin accepted the tendered shares for payment on Tuesday and completed a merger whereby Incline Merger Sub merged with and into Inozyme. Inozyme survived the merger as a wholly owned subsidiary of BioMarin. Each remaining share of Inozyme common stock, other than certain excluded shares, was converted into the right to receive $4.00 in cash, without interest and subject to applicable tax withholding. The acquisition brings stability to Inozyme, which InvestingPro data indicates had been experiencing significant volatility with a beta of 2.29 and received a "WEAK" Financial Health Score prior to the merger. Subscribers can access 10 additional ProTips and comprehensive financial metrics for similar acquisition targets.

In connection with the merger, outstanding vested and unvested stock options with exercise prices below $4.00 per share were accelerated, cancelled, and converted into cash payments. Options with exercise prices at or above $4.00 per share were cancelled without payment. All outstanding restricted stock units became fully vested and were converted into cash based on the offer price.

As a result of the merger, Inozyme notified the Nasdaq Global Select Market of the transaction and requested suspension and delisting of its shares before the market opened Tuesday. Inozyme also announced its intention to file for termination of registration and suspension of reporting obligations with the SEC.

All Inozyme directors and executive officers resigned at the effective time of the merger. G. Eric Davis, Eric Fleekop, and Brian Mueller were appointed as new directors, with Davis and Fleekop also named president and secretary, respectively.

This article is based on a statement from a SEC filing.

In other recent news, Inozyme Pharma has announced a merger agreement involving BioMarin Pharmaceutical and Incline Merger Sub, a subsidiary of BioMarin. This strategic move is expected to close in the third quarter of 2025 and is valued at approximately $270 million. The merger is seen as a significant step for BioMarin to expand its enzyme therapy portfolio, particularly with the inclusion of INZ-701, a Phase 3 enzyme replacement therapy for ENPP1 Deficiency. In light of the acquisition, TD Cowen downgraded Inozyme’s stock rating from Buy to Hold, adjusting the price target to $4.00, citing the transaction as a viable financial solution for Inozyme. Meanwhile, H.C. Wainwright maintained a Buy rating with a $16 target, highlighting the potential of INZ-701 to address unmet medical needs for ENPP1 Deficiency. The ENPP1 Deficiency study published in JBMR Plus by Inozyme underscores the severe health issues associated with the condition and the urgent need for effective treatments. Inozyme’s ongoing research and development efforts aim to provide solutions for this rare and serious genetic disorder.

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