BioMarin Finalizes Acquisition of Inozyme Pharma, Strengthening Rare Disease Portfolio with INZ-701
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) has officially completed the acquisition of Inozyme Pharma, Inc. (Nasdaq: INZY), a move that underscores its continued commitment to addressing rare and life-threatening genetic disorders. The all-cash transaction, valued at approximately $270 million, was executed at a price of $4.00 per share and brings Inozyme’s promising late-stage therapeutic candidate, INZ-701, into BioMarin’s growing pipeline of innovative enzyme therapies.
Strategic Expansion with INZ-701
The centerpiece of this acquisition is INZ-701, an investigational enzyme replacement therapy currently in advanced clinical development for the treatment of ectonucleotide pyrophosphatase/phosphodiesterase 1 (ENPP1) Deficiency. This rare and serious genetic disorder disrupts critical biological processes, leading to abnormal calcification of blood vessels and soft tissues, and causing progressive damage to the cardiovascular, skeletal, and other organ systems.
ENPP1 Deficiency, while ultra-rare, is often devastating in its impact. Affected individuals may present with symptoms in infancy or early childhood, and the disease is associated with high morbidity and mortality. INZ-701 is designed to replace deficient ENPP1 enzyme activity, with the aim of restoring normal regulation of mineralization processes in the body.
BioMarin, a recognized leader in the development of therapies for genetic conditions, believes that INZ-701 has the potential to become a first-in-class treatment for this serious disease. By incorporating Inozyme’s scientific platform and lead asset into its portfolio, BioMarin aims to accelerate the path to regulatory approval and eventual commercialization.
Timeline of the Transaction
The acquisition process began on May 16, 2025, when BioMarin and Inozyme jointly announced the signing of a definitive merger agreement. As part of the deal, BioMarin launched a tender offer on June 2, 2025, to acquire all outstanding shares of Inozyme’s common stock at a purchase price of $4.00 per share.
The tender offer concluded as scheduled on June 30, 2025, at one minute past 11:59 p.m. Eastern Daylight Time, without any extension. According to Computershare Trust Company, N.A., which served as the depositary for the offer, approximately 45,455,118 shares were validly tendered and not withdrawn by the deadline. This figure represents nearly 70% of the total outstanding shares of Inozyme and met the minimum threshold required for BioMarin to move forward with the acquisition.
Following the successful tender offer, BioMarin completed the acquisition by merging Incline Merger Sub, Inc.—a wholly-owned subsidiary of BioMarin—with and into Inozyme. The merger was executed under Section 251(h) of the General Corporation Law of the State of Delaware, enabling a swift and efficient closing without the need for a separate stockholder vote.
As a result of the merger, all remaining Inozyme shares not already tendered (excluding those held by BioMarin or those subject to appraisal rights under Delaware law) were converted into the right to receive the same $4.00 per share in cash. With the transaction complete, Inozyme’s common stock has been delisted from the Nasdaq Global Select Market and is no longer publicly traded.
Advisory and Legal Support
BioMarin was supported in the transaction by Goldman Sachs & Co. LLC, which served as its exclusive financial advisor. Legal counsel was provided by Cooley LLP. Inozyme was advised by Centerview Partners LLC, with legal representation from Goodwin Procter LLP and WilmerHale LLP. Notably, WilmerHale has served as Inozyme’s corporate counsel since the company’s inception, providing continuity through this significant transition.
A Vision for the Future
With this acquisition, BioMarin enhances its position as a frontrunner in the field of rare genetic disorders. The addition of INZ-701 aligns with BioMarin’s strategic focus on developing transformative therapies for patients with high unmet medical needs. As the company integrates Inozyme’s assets and expertise, the near-term priority will be to advance INZ-701 through its late-stage clinical program and position it for future regulatory submissions.
BioMarin has a long-standing history of successful product development and commercialization in rare disease markets, and its acquisition of Inozyme reflects a continuation of this mission. The deal not only strengthens BioMarin’s pipeline but also demonstrates its commitment to innovation, patient-centric development, and the pursuit of curative therapies for some of the most challenging genetic conditions in medicine.
