BioMarin (BMRN) Jumps 17.7% on $5-Billion Merger with Amicus

We recently published 10 Firms in the Limelight. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is one of the best performers on Friday.

BioMarin Pharmaceutical extended its winning streak to a third straight day on Friday, surging 17.71 percent to finish at $61.15 apiece, as investors took heart from its expansion initiatives following the acquisition of Amicus Therapeutics for nearly $5 billion.

In a statement, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) said that it entered into a definitive agreement to acquire Amicus Therapeutics in an all-cash transaction at a price of $14.50 apiece, or a 33 percent premium over the latter’s closing price on Thursday, December 18.

The transaction will be funded through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing.

The acquisition would support its commercial portfolio with the addition of Galafold, an oral treatment for Fabry disease, and Pombiliti + Opfolda, a two-component therapy for Pompe disease.

Upon completion of the transaction, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) expects to increase its long-term CAGR through 2030, with both treatments having generated combined net product revenues of $599 million in the past year alone.

“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 BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) President and CEO Alexander Hardy.

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Disclosure: None. This article is originally published at Insider Monkey.