BioMarin to acquire Prosensa for up to $840 million

US drugmaker BioMarin Pharmaceutical (Nasdaq: BMRN) has entered into a definitive agreement to purchase all of the outstanding ordinary shares of Dutch biotech firm Prosensa Holdings (Nasdaq: RNA) for $17.75 per share, for a total up front consideration of around $680 million.

In addition, two approximately $80 million contingent milestones are payable for the approval of drisapersen, a potential treatment for Duchenne muscular dystrophy, in the USA no later than May 15, 2016 and Europe no later than February 15, 2017, respectively. Early this year, UK pharma giant GlaxoSmithKline returned rights to drisapersen to Prosensa, following disappointing Phase III clinical trial results. Subsequently, Prosensa revealed that the US Food and Drug Administration had outlined a regulatory path forward, under an accelerated approval pathway, for drisapersen.

"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, chief executive of BioMarin. "We are committed to working closely with regulatory authorities worldwide in bringing a potentially breakthrough therapy to patients with this devastating condition," he noted.