BioMarin to buy Inozyme in US $270M deal

USA – BioMarin Pharmaceutical has entered into a definitive agreement to acquire Inozyme Pharma in an all-cash deal valued at approximately US $270 million.

Under the terms, BioMarin will pay US $4.00 per share to take over the Boston-based biotech company, marking a strategic move to expand its enzyme replacement therapy offerings.

The deal has been unanimously approved by the boards of both companies and is expected to close in the third quarter of 2025, pending regulatory approvals and standard closing conditions.

As part of the agreement, BioMarin will launch a cash tender offer to purchase all outstanding shares of Inozyme common stock. Inozyme’s board is urging shareholders to support the offer.

Once the tender process concludes, a BioMarin subsidiary will merge with Inozyme. Any remaining shares not tendered will be converted into the right to receive the same US $4.00 per share in cash. Notably, the acquisition is fully funded and does not depend on any external financing.

At the center of the acquisition is INZ-701, Inozyme’s lead therapy currently in late-stage development for treating ENPP1 deficiency – a rare genetic disorder that affects blood vessels, bones, and soft tissues.

This condition can cause severe complications, including high infant mortality due to cardiovascular issues, and painful skeletal problems like rickets and osteomalacia in children and adults.

INZ-701 is now undergoing Phase III trials in pediatric patients, with key data expected in early 2026. If successful, the treatment could become the first FDA-approved therapy for ENPP1 deficiency by 2027.

This acquisition adds to BioMarin’s growing rare disease portfolio. The company recently expanded FDA approval for Brineura, another enzyme replacement therapy, to treat younger children with CLN2 disease.

However, BioMarin has also faced challenges, most notably, the downsizing of its Roctavian gene therapy program for hemophilia A, which struggled commercially despite FDA approval.

Speaking on the acquisition, BioMarin CEO Alexander Hardy said, “This deal brings an important late-stage therapy into our pipeline.

“INZ-701 has the potential to be the first treatment for ENPP1 deficiency, offering hope to patients who currently have no approved options. We remain committed to balancing external innovation with our internal development efforts.”

Goldman Sachs served as BioMarin’s exclusive financial advisor, with legal support from Cooley. Inozyme was advised by Centerview Partners and represented by Goodwin Procter.