BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) agreed to acquire Alesta Therapeutics for $275 million upfront in cash, with potential additional milestone payments totaling up to $215 million. The transaction is expected to close in the current quarter, subject to customary closing conditions and board approvals.
The deal bolsters BioMarin’s pipeline with ALE1, an oral therapy candidate in Phase 1/2a clinical development for hypophosphatasia, a rare genetic bone disease. The candidate targets inorganic pyrophosphate, a metabolite implicated in the condition, which can lead to bone fractures, early tooth loss, muscle weakness, fatigue, and pain in adults. More than 9,000 people in the U.S. have been diagnosed with the disease, though it is frequently underdiagnosed.
BioMarin plans to integrate ALE1 into its Skeletal Conditions Business Unit following the acquisition. Alesta will spin out all non-ALE1 assets into a new entity prior to closing, with Alesta employees transferring to the spinout. No Alesta employees are expected to join BioMarin as part of the transaction.
Morgan Stanley advised BioMarin on the deal, while J.P. Morgan Securities advised Alesta. BioMarin intends to fund the acquisition using existing cash reserves. The company noted that the transaction is expected to have a modestly dilutive impact on 2026 financial results, excluding the upfront payment, and plans to provide updated full-year guidance after the deal closes.
The acquisition follows BioMarin’s strategy of expanding its rare-disease portfolio through targeted transactions.
