BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) has announced a definitive agreement to acquire Alesta Therapeutics, aiming to secure Alesta's lead clinical-stage asset, ALE1.
The transaction, which has received approval from both companies' boards, is anticipated to conclude this quarter.
Alesta shareholders will receive an upfront payment of $275 million, with the potential for an additional $215 million contingent on achieving specific development and regulatory milestones.
Before the acquisition is finalized, Alesta will spin out all non-ALE1 assets into a new entity, and former Alesta employees will transition to this spinout entity.
Morgan Stanley & Co. LLC is serving as the exclusive financial advisor to BioMarin, while Jones Day is providing legal counsel for the acquisition.
"ALE1 is a strong strategic fit for BioMarin, bringing a potential oral alternative to the injectable therapies available today for people living with HPP around the world while meaningfully strengthening our early-stage clinical pipeline," said Alexander Hardy, President and Chief Executive Officer of BioMarin.