Rare Disease M&A Targets $850 Million Bond Issuance

BioMarin Pharmaceutical Inc. (BMRN) has completed a private offering of $850 million of unsecured senior notes due 2034, carrying a 5.5% annual coupon. The net proceeds will fund the acquisition of Amicus Therapeutics and related transaction and financing costs. Together with a new $2.0 billion Term Loan B (TLB), an $800 million Term Loan A (TLA), a $600 million revolving credit facility and existing cash balances, these notes will finance the deal. If the acquisition is not completed by December 19, 2026, BioMarin must redeem the notes at par plus accrued and unpaid interest. The notes are issued under joint and several guarantees of BioMarin’s principal subsidiaries and include customary covenants restricting additional indebtedness, dividends, liens, asset sales and mergers.

In December 2024, BioMarin agreed to acquire Amicus for $14.50 per share in cash, representing a total purchase price of $4.8 billion, with the transaction expected to close in the second quarter of 2026 following regulatory approvals and a shareholder vote. By adding Amicus’s rare-disease portfolio—such as therapies for Fabry and Pompe diseases—BioMarin anticipates substantial portfolio expansion and accelerated revenue growth.

Headquartered in California, BioMarin is a midsize biotech company specializing in treatments for rare genetic disorders, notably commercializing several enzyme-replacement therapies. Amid a broader industry trend of large-scale M&A focused on rare diseases and gene therapies, BioMarin’s Amicus acquisition and its significant debt financing are being watched as part of ongoing sector consolidation.