BioMarin CEO speaks about $4.8 billion buy of Amicus
For BioMarin CEO Alexander Hardy, the Friday morning buy of Amicus Therapeutics for $4.8 billion represents a long-awaited main wager — one Wall Avenue has been ready for.
Hardy, beforehand CEO of Roche’s Genentech unit, took over for longtime BioMarin CEO Jean Jacques Bienaime. Since his appointment was introduced, BioMarin shares have fallen by greater than a 3rd as its once-promising gene remedy for hemophilia turned out to be a industrial disappointment that the corporate is now making an attempt to out-license.
The brand new CEO explicitly promised Wall Avenue there could be offers, and it employed James Sabry, a well-known enterprise improvement govt, from Genentech to execute them. Thus far, buyers like this one. Often an acquirer’s inventory dips when a deal is introduced, however BioMarin shares are up 18% in morning buying and selling. (Earlier this yr, BioMarin purchased manufacturing agency Inozyme for $270 million.)
With the deal, BioMarin will purchase two accredited medication, one for Pompe illness and one for Fabry illness, which took in $600 million a yr. STAT spoke with Hardy Friday morning, and components of the dialog are included under, edited for readability and size.
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