Quantcast

North Bay Business Journal

Tuesday, October 27, 2009, 2:40 pm

BioMarin acquires Huxley Pharmaceuticals

By

Print Friendly Print Friendly    

Share this item

    BioMarin PharmaceuticalsNOVATO — BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) announced today that it has acquired Huxley Pharmaceuticals inc. for $15 million, with further payments to Huxley shareholders of up to $50 million if certain milestones are reached.

    Huxley, a portfolio company of New York-based Aceras BioMedical LLC, has rights to a proprietary therapy to treat Lambert Eaton Myasthenic Syndrome, a rare autoimmune disease, making it a good fit for BioMarin’s portfolio of drugs to treat rare diseases.

    Under the terms of the acquisition, Huxley shareholders will receive an additional $7.5 million upon final European Commission approval of the therapy. If annual European sales goals and U.S. development milestones are reached, up to $38 million in further payments may be made to the shareholders.

    “This acquisition represents a natural extension of BioMarin’s core business operations and strategy,” said BioMarin CEO Jean-Jacques Bienaime. “The deal leverages our existing European infrastructure and commercial capabilities and provides the opportunity for near-term revenue growth and operating income growth.”

    BioMarin employs about 700. Its stock climbed $0.13 to close at $16.79 on the acquisition news.

    Copyright © 1988–2014 North Bay Business Journal
    View the policy for linking to website content.

    Print Friendly Print Friendly    

    Submit Your Comments

    Required

    Required, will not be published

    Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments and Letters Policy. To share this item by email or social media, use the links above.

    Do not use this form to contact people, companies or organizations mentioned in this story. Contact them directly. Private messages left here will be deleted.