BioMarin Pharmaceutical’s shares advanced 4.7% in premarket trading on Tuesday after the biotech agreed to acquire Alesta Therapeutics for $275 million in cash, with potential milestone payments of up to $215 million.
The transaction, expected to close this quarter pending customary conditions, centers on ALE1, an orally active small molecule in development for hypophosphatasia (HPP), a rare genetic bone disorder. Alesta will first spin out all non-ALE1 assets into a new entity, and its employees will transfer to that spinout; no Alesta staff will join BioMarin.
ALE1 is being evaluated in an ongoing Phase 1/2a trial assessing safety, tolerability, and pharmacokinetics in healthy volunteers and adults with HPP. If approved, it would become the first oral therapy for a disease that affects more than 9,000 people in the U.S., marked by bone fragility, early tooth loss, muscle weakness, and chronic pain.
Excluding the upfront payment, BioMarin expects the deal to have a modestly dilutive effect on 2026 financial results. The company plans to revise its full-year 2026 guidance once the acquisition is finalized. Both boards have approved the deal, which is funded entirely from BioMarin’s existing cash reserves.
