[caption id="attachment_102551" align="alignleft" width="333"] Jean-Jeaques Bienaime, BioMarin CEO, transformed the company from nearly kaput to thriving growth.[/caption]
San Rafael-based BioMarin Pharmaceutical on Monday said it will offer to buy Prosensa Holding N.V., parent of The Netherlands-based Prosensa Therapeutics, for its drisapersen drug used to treat Duchenne muscular dystrophy in a deal that could total $840 million.
In the proposed deal, BioMarin will offer $17.75 for each outstanding ordinary share of Prosensa, amounting to about $680 million. Then BioMarin will pay $80 million if drisapersen is approved in the United States by May 15, 2016, and another $80 million if it is approved in Europe by Feb. 15, 2017.
“BioMarin is dedicated to the rare-disease community, and the acquisition of Prosensa fits strategically with our mission of delivering therapies that address serious unmet medical needs,” said Jean-Jacques Bienaime, CEO of BioMarin. “We are committed to working closely with regulatory authorities worldwide in bringing a potentially breakthrough therapy to patients with this devastating condition.”
BioMarin, which makes medicine for rare diseases that affect mostly children, has five drugs on the market and expects revenue of $700 million this year.
Acquisition of Prosensa provides opportunity to commercialize, if approved, its exon-skipping drug candidate, drisapersen, for Duchenne muscular dystrophy. Drisapersen is currently under a rolling review as part of a new-drug application process and has "orphan," fast-track and breakthrough therapy designations from the Food and Drug Administration.
Drisapersen, a potential first-to-market and best-in-class product, could be used to treat up to 10,000 patients with a rare, fatal genetic disease. Follow-on products leveraging Prosensa’s technology platform in the pipeline target an additional 35,000 multiple sclerosis patients in BioMarin’s commercial territories.
