BioMarin Buys Muscular Dystrophy Treatment Developer Prosensa

BioMarin Pharmaceutical Inc. (BMRN) agreed to pay $680 million to buy Prosensa Holding NV to add a potential treatment for Duchenne muscular dystrophy to its rare-diseases portfolio.

BioMarin may also make two payments of about $80 million each if U.S. and European approvals for drisapersen occur by certain dates, the San Rafael, California-based company said today in a statement. BioMarin will pay $17.75 a share for Prosensa, or 55 percent more than its closing share price on Nov. 21.

Prosensas drisapersen is a potential first-to-market and best-in-class product for treating a large population of patients with a rare, fatal genetic disease, BioMarin said. The medicine may be appropriate for as many as 10,000 patients, while follow-on products could serve 35,000 people in BioMarins commercial regions, it said.

We will leverage our experience at developing rare disease therapies to achieve regulatory approvals and bring drisapersen to market as quickly as possible, Chief Executive Officer Jean-Jacques Bienaime said in the statement.

The extra milestone payments will come if Prosensas treatment is accepted in the U.S. no later than May 15, 2016, and in Europe no later than Feb. 15, 2017, BioMarin said. The deal will add to the U.S. companys profitability in 2017 if the drug wins approval, it said.

BioMarin said it will maintain Prosensas operations at the Dutch companys headquarters in Leiden. The transaction is expected to be completed in the first quarter of 2015.

To contact the reporter on this story: David Risser in London at drisser@bloomberg.net

To contact the editors responsible for this story: Phil Serafino at pserafino@bloomberg.net Thomas Mulier

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BioMarin Buys Muscular Dystrophy Treatment Developer Prosensa