For BioMarin CEO Alexander Hardy, this morning’s purchase of Amicus Therapeutics for $4.8 billion represents a long-awaited major bet — and one Wall Street has been waiting for.
Hardy, previously CEO of Roche’s Genentech unit, took over for longtime BioMarin CEO Jean Jacques Biename. Since his appointment was announced, BioMarin shares have fallen by more than a third as its once-promising gene therapy for hemophilia turned out to be a commercial disappointment that the company is now trying to out-license.
The new CEO explicitly promised Wall Street there would be deals, and it hired James Sabry, a well known business development executive, from Genentech to execute them. So far, investors like this one. Usually an acquirer’s stock dips when a deal is announced, but BioMarin shares are up 18% in morning trading. (Earlier this year, BioMarin bought manufacturing firm Inozyme for $270 million.)
With the deal, BioMarin will acquire two approved drugs, one for Pompe disease and one for Fabry disease, which took in $600 million. STAT spoke with Hardy Friday morning, and parts of the conversation are included below, edited for clarity and length.
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