BioMarin Pharmaceutical has announced its acquisition of Alesta Therapeutics for $275 million, aimed at gaining access to ALE1, an oral treatment currently in early clinical trials for hypophosphatasia (HPP), a rare genetic bone disease. The deal includes potential additional payments of up to $215 million based on the drug's success in meeting specific milestones.
This acquisition is significant as it strengthens BioMarin's focus on rare skeletal conditions, complementing its existing portfolio led by Voxzogo. BioMarin's president and CEO, Alexander Hardy, emphasized the importance of this opportunity to meet a significant unmet need and to compete in larger rare disease markets.
The acquisition is part of a broader strategy, as it represents BioMarin's third major deal in the rare disease sector within the past year, following a $4.8 billion acquisition of Amicus Therapeutics. The deal is expected to close within the current quarter.
Alesta's CEO, Ilan Ganot, highlighted BioMarin's capabilities in scaling treatment as a key factor in the decision to partner, indicating confidence in BioMarin's expertise in rare disease drug development. With over 9,000 diagnosed cases of HPP in the U.S., the potential market for ALE1 could be substantial, suggesting that this acquisition could drive future growth for BioMarin