BioMarin Pharmaceutical’s shares rose 4.7% in pre-market trading on Tuesday after the company agreed to acquire Alesta Therapeutics for up to $490 million, including a $275 million upfront payment funded entirely from cash on hand.
The acquisition centers on ALE1, an orally active small molecule in Phase 1/2a clinical trials targeting hypophosphatasia, a rare genetic bone disease affecting more than 9,000 diagnosed patients in the United States. BioMarin stated the deal aligns with its strategy to expand its rare disease portfolio.
Wall Street analysts responded with upward revisions to price targets. Barclays raised its target to $111 from $105, maintaining an Overweight rating, while Piper Sandler increased its target to $88 from $82, also keeping an Overweight rating. BioMarin’s stock approached its 52-week high of $70.98 during the session.
The broader market declined, with the S&P 500 down 0.4% and the Nasdaq falling 1.2%. The acquisition follows BioMarin’s strong second-quarter 2026 outlook and raised full-year revenue and earnings-per-share guidance, reinforcing investor confidence in the company’s growth trajectory.
