Amicus Therapeutics: A Rare Disease Gem Acquired

Key Takeaways

• Amicus Therapeutics (FOLD) reported robust full-year 2025 results with $634 million in revenue and $0.31 non-GAAP EPS, driven by strong performance from Galafold and Pombiliti + Opfolda.
• The company is set to be acquired by BioMarin Pharmaceutical (BMRN) for $14.50 per share in an all-cash transaction, valued at approximately $4.8 billion, expected to close in Q2 2026.
• With the current share price of $14.34 hovering just below the acquisition offer, investors are primarily looking at a low-risk arbitrage opportunity rather than long-term standalone growth.

Amicus Therapeutics: A Rare Disease Gem Acquired?

Amicus Therapeutics (FOLD) recently unveiled its full-year 2025 financial results, showcasing robust performance with total revenue reaching $634 million, marking a 17% year-over-year increase at constant exchange rates (CER). The company also reported a non-GAAP diluted EPS of $0.31 for the full year, a significant jump from $0.24 in 2024. These strong figures would typically set the stage for an exciting outlook, but for Amicus, they represent a powerful exit statement as an independent entity.

The headline news overshadowing these results is the proposed acquisition of Amicus by BioMarin Pharmaceutical (BMRN) for $14.50 per share in an all-cash transaction, valuing Amicus at approximately $4.8 billion. This definitive agreement, unanimously approved by both companies' boards, is expected to close in the second quarter of 2026. The U.S. Federal Trade Commission (FTC) granted early termination of the Hart-Scott-Rodino (HSR) Act waiting period on February 11, 2026, removing a key regulatory hurdle and adding significant certainty to the deal's completion.

This acquisition transforms the investment narrative for FOLD shareholders from a growth story to a near-term arbitrage play. The company's strong 2025 performance, including a healthy cash position of $293.5 million at year-end, up $44 million from 2024, underscores the value BioMarin sees in Amicus's rare disease portfolio. With no 2026 financial guidance provided due to the pending transaction, all eyes are now on the closing of this strategic merger.

The market has largely priced in the acquisition, with FOLD shares currently trading at $14.34, just a hair below the $14.50 offer price. This tight spread reflects high confidence in the deal's completion, especially following the favorable FTC ruling. For investors, the focus shifts from evaluating Amicus's future pipeline or market expansion to the finalization of the BioMarin takeover, which promises a modest but relatively secure return for those holding shares until the close.

What Drove Amicus's Strong 2025 Performance?

Amicus Therapeutics' impressive full-year 2025 financial results were primarily fueled by the continued commercial success of its two flagship rare disease therapies: Galafold and Pombiliti + Opfolda. These products, targeting Fabry disease and Pompe disease respectively, demonstrated robust demand and expanding market penetration, validating Amicus's strategic focus on underserved patient populations.

Galafold (migalastat), the company's oral precision medicine for Fabry disease, remained the cornerstone of its revenue generation. For the full year 2025, Galafold sales reached a substantial $521.7 million, representing a solid increase of $63.6 million over the prior year. This consistent growth is attributed to strong commercial execution across global markets, high patient compliance, and a robust intellectual property portfolio that provides patent protection in the United States through 2037. The resolution of patent litigation with Teva Pharmaceuticals in October 2024 further solidified Galafold's market exclusivity until at least January 2037, removing a significant overhang.

Complementing Galafold's performance, the two-component therapy Pombiliti (cipaglucosidase alfa-atga) + Opfolda (miglustat) for late-onset Pompe disease also showed strong momentum. This combo drug generated $112.5 million in revenue for 2025, an increase of $42.3 million year-over-year. The successful launch and growing adoption of Pombiliti + Opfolda have allowed Amicus to tap into a significant commercial opportunity within the Pompe disease market, diversifying its revenue streams beyond Galafold.

Beyond product sales, Amicus also highlighted a significant increase in its cash, cash equivalents, and marketable securities, which rose to $293.5 million at December 31, 2025, compared to $249.9 million at the end of 2024. This $44 million increase in cash position demonstrates effective financial management and operational efficiency, providing a strong balance sheet as the company transitions towards its acquisition by BioMarin. The overall picture is one of a company executing well on its commercial strategy, making it an attractive target for a larger player seeking to expand its rare disease footprint.

What Does the BioMarin Acquisition Mean for FOLD Shareholders?

For current Amicus Therapeutics (FOLD) shareholders, the proposed acquisition by BioMarin Pharmaceutical (BMRN) for $14.50 per share in cash fundamentally shifts the investment thesis. The stock, trading at $14.34 as of February 20, 2026, offers a narrow arbitrage spread of just $0.16 per share, or approximately 1.1% upside, assuming the deal closes as expected. This tight spread indicates that the market has largely priced in the high probability of the acquisition's completion, especially after the early termination of the HSR waiting period by the FTC.

This scenario presents a low-risk, low-return opportunity for investors. Those who bought FOLD shares below the $14.50 offer price stand to realize a modest gain upon the deal's closing, which is anticipated in Q2 2026. However, the upside is capped at the acquisition price, meaning there's no potential for further appreciation from Amicus's standalone growth or pipeline developments. The primary risk for arbitrageurs would be the unlikely event of the deal falling through, which could cause the stock to drop significantly from its current price.

Wall Street analysts have largely aligned their price targets with the acquisition price, with a consensus target of $14.33 and a median of $14.50. Recent downgrades from "Buy" to "Hold" by firms like Jefferies and Leerink Partners reflect this shift in outlook, acknowledging that the stock's valuation is now tied directly to the takeover offer rather than its intrinsic growth potential. This consensus reinforces the idea that the market sees little additional upside beyond the deal price.

For long-term holders of Amicus, the acquisition provides a clear exit strategy at a premium to the stock's trading price prior to the announcement in December 2025. The $4.8 billion all-cash transaction represents a substantial valuation for Amicus, reflecting the strength of its commercial portfolio and pipeline in rare diseases. While the opportunity for future growth as an independent entity is now gone, shareholders are offered a certain and compelling value, allowing them to redeploy capital elsewhere.

Why is BioMarin Acquiring Amicus, and What's Next for the Combined Entity?

BioMarin Pharmaceutical's decision to acquire Amicus Therapeutics for $4.8 billion is a strategic move aimed at significantly expanding and diversifying its already robust rare disease product portfolio. BioMarin, a leader in developing transformative medicines for genetic conditions, recognized the immediate value and high-growth potential of Amicus's marketed products, Galafold and Pombiliti + Opfolda. This acquisition is expected to accelerate BioMarin's revenue growth and strengthen its financial outlook, delivering substantial value to both patients and shareholders.

The addition of Galafold, the first oral treatment for Fabry disease, and Pombiliti + Opfolda, a two-component therapy for Pompe disease, will bolster BioMarin's existing portfolio of lysosomal storage disorder medicines. These therapies generated combined net product revenues of $599 million over the past four quarters, demonstrating their commercial strength and market acceptance. BioMarin anticipates leveraging its extensive global commercial footprint and industry-leading in-house manufacturing capabilities to expand access to these critical medicines to more patients worldwide, faster than Amicus could have achieved independently.

Beyond the commercial products, the acquisition also brings Amicus's pipeline asset, DMX-200, into BioMarin's fold. DMX-200 is a potential first-in-class investigational small molecule for the treatment of focal segmental glomerulosclerosis (FSGS), a rare and fatal kidney disease currently in Phase 3 development. This asset represents an opportunity for BioMarin to tap into a new orphan kidney disorder market with no approved U.S. therapies, further diversifying its therapeutic areas and future growth prospects.

The transaction is expected to be accretive to BioMarin's non-GAAP diluted EPS within the first 12 months following the close, and substantially accretive beginning in 2027. This financial synergy, combined with the strategic expansion of its rare disease portfolio, underscores BioMarin's commitment to innovation and its ability to capitalize on market opportunities. The combined entity will be a more formidable player in the rare disease space, poised for accelerated growth and continued leadership in developing life-changing therapies.

What Are the Risks and Opportunities Post-Acquisition?

While the acquisition of Amicus Therapeutics by BioMarin Pharmaceutical appears largely derisked following the FTC's early termination of the HSR waiting period, a few considerations remain for investors. The primary risk, though now significantly diminished, is the possibility of the deal failing to close due to unforeseen circumstances or a last-minute challenge. Should this occur, FOLD's stock price would likely plummet from its current level, as the market would re-evaluate its standalone prospects without the acquisition premium.

Another minor risk factor involves the timing of the closing. Although expected in Q2 2026, any delays could tie up capital for arbitrageurs longer than anticipated, impacting their annualized returns. However, with the HSR hurdle cleared, the remaining conditions, such as Amicus stockholder approval, are generally considered standard and less likely to cause significant issues. The current stock price of $14.34 compared to the $14.50 offer price reflects this high degree of confidence in a timely completion.

For BioMarin, the opportunities are substantial. The acquisition immediately strengthens its commercial portfolio with two high-growth rare disease therapies, Galafold and Pombiliti + Opfolda. These products are expected to accelerate BioMarin's revenue growth and enhance its long-term CAGR through 2030 and beyond. BioMarin's established global infrastructure and manufacturing capabilities can potentially unlock further market penetration and operational efficiencies for Amicus's products, reaching more patients globally.

The integration of Amicus's pipeline, particularly the Phase 3 asset DMX-200 for FSGS, also presents a valuable long-term opportunity for BioMarin to expand into new therapeutic areas. This strategic move reinforces BioMarin's position as a leader in rare diseases and demonstrates its commitment to external innovation. Ultimately, the acquisition is poised to create a more diversified and financially robust entity, benefiting both companies' stakeholders in the long run.

The Final Word

Amicus Therapeutics' journey as an independent company is nearing its end, culminating in a strong financial performance for 2025 and a strategic acquisition by BioMarin. For investors, the narrative has shifted from growth potential to a straightforward arbitrage play, with the stock price closely tracking the $14.50 per share cash offer. With regulatory hurdles largely cleared and the deal expected to close in Q2 2026, FOLD shares offer a low-risk, albeit modest, return for those willing to hold until the transaction is finalized.

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