BioMarin buys Inozyme for $270 million
California’s BioMarin Pharmaceutical (Nasdaq: BMRN) is to acquire Inozyme Pharma (Nasdaq: INZY) for $4 per share in an all-cash transaction for a total consideration of approximately $270 million.
Shares in Inozyme shot up by nearly 200% following the news of the acquisition, which will strengthen BioMarin’s enzyme therapies portfolio.
BioMarin is picking up the late-stage enzyme replacement therapy, INZ-701, which is currently being assessed for the treatment of ectonucleotide pyrophosphatase/phosphodiesterase 1 (ENPP1) deficiency, a rare, serious and progressive genetic condition that affects blood vessels, soft tissues and bones.
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