NOVATO -- 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.