Leerink bullish on BioMarin following Inozyme deal, expects additional BD

Leerink analyst Joseph Schwartz notes BioMarin (BMRN) believes INZ-701 could be a $400M-$600M opportunity at peak, making it a nice addition to the company’s ERT portfolio; this is likely the first business development deal in 2025. Before market open on Friday, BioMarin disclosed a definitive agreement to acquire Inozyme Pharma (INZY) for $4.00/share in an all-cash transaction for a total consideration of $270M. Leerink says it had been waiting for BioMarin to do some business development as it knew it was going to be part of their strategy moving forward, especially with James Sabry as Chief Business Officer. Overall, the firm thinks this first deal complements BioMarin’s existing infrastructure and expertise in ERTs very nicely and looks forward to additional potential BD transactions to further supplement the company’s pipeline. Leerink reiterates an Outperform rating on the shares.

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• BioMarin Pharmaceutical’s Strategic Growth and Market Potential: A Buy Rating by Yun Zhong

• BioMarin says Inozyme deal to strengthen enzyme therapies portfolio

• BioMarin Acquires Inozyme Pharma for $270 Million

• BioMarin’s acquisition of Inozyme to strengthen enzyme therapies portfolio

• BioMarin to acquire Inozyme for $4.00 per share in cash, or $270M