BioMarin Pharmaceutical has agreed to acquire Inozyme Pharma for $4.00 per share in a $270m all-cash transaction.

This will enhance BioMarin's enzyme therapy portfolio by adding a late-stage enzyme replacement therapy, INZ-701.

Unanimously approved by both companies' boards, the transaction will close in the third quarter of 2025, subject to regulatory clearance, tender offer completion and other customary closing conditions.

INZ-701 is being evaluated to treat ectonucleotide pyrophosphatase/ phosphodiesterase 1 (ENPP1) deficiency, a rare genetic condition that impacts blood vessels, bones and soft tissues.

This leads to increased cardiovascular mortality risk, particularly in infants, and severe rickets and osteomalacia in the paediatric and adult population.

The first Phase III pivotal trial data for the therapy in children is anticipated in early 2026. Regulatory approval is expected in 2027.

BioMarin will commence a cash tender offer to purchase all outstanding shares of Inozyme common stock.

The board of directors of Inozyme has unanimously recommended that its stockholders tender their shares.

The tender offer's completion is contingent upon standard closing conditions, including a majority of the outstanding Inozyme shares being tendered, the Hart-Scott-Rodino Antitrust Improvements Act waiting period expiry or termination, and other customary conditions.

After the tender offer, a subsidiary of BioMarin will merge with Inozyme, and the remaining shares not tendered will be converted into the right to obtain the same $4.00 per share in cash. The acquisition is not dependent on financing.

Goldman Sachs & Co is the exclusive financial advisor to BioMarin, with Cooley as legal counsel.

Centerview Partners is Inozyme's exclusive financial advisor, and Goodwin Procter provides legal counsel.

BioMarin Pharmaceutical CEO and president Alexander Hardy stated: "This acquisition brings to BioMarin an important medicine that has the potential to be the first treatment for children and adults with ENPP1 deficiency, improving care for people living with this serious condition.

“As BioMarin continues our transformation and delivers on our corporate strategy, we will continue to evaluate external innovation alongside internal innovation.”

In 2024, the US Food and Drug Administration expanded the approval of BioMarin's supplemental biologics licence application (sBLA) for Brineura, an enzyme replacement therapy, to include children under three years of age with neuronal ceroid lipofuscinosis type 2 (CLN2) disease.