(By Balaseshan) BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) said it has bought Zacharon Pharmaceuticals, a San Diego-based private biotechnology company focused on developing small molecules targeting pathways of glycan and glycolipid metabolism.
Under the terms of the stock purchase agreement, BioMarin paid $10 million upfront for 100% of Zacharon's share capital and may make potential additional payments for clinical, regulatory and commercial milestones.
The costs to be incurred in 2013 of acquiring Zacharon and absorbing its operations is covered by the previously provided 2013 R&D expense guidance.
"The acquisition of Zacharon will further expand our glycobiology expertise and will support our lysosomal storage disease drug development efforts," said Jean-Jacques Bienaime, Chief Executive Officer of BioMarin. "We are committed to investing in our advancing pipeline, which has evolved through a combination of internal development and targeted acquisitions, such as this."
Zacharon drug discovery projects include two ongoing lead optimization programs, inhibition of heparan sulfate synthesis for MPS III and other MPS disorders, and inhibition of ganglioside synthesis for diseases such as Tay Sachs and Sandhoff.
Zacharon's proprietary SensiPro platform is a powerful technology for analysis of specific carbohydrate structures and therefore the identification of candidate drugs to treat those conditions.
BioMarin develops and commercializes pharmaceuticals for serious diseases and medical conditions. The company's product portfolio comprises four approved products and multiple clinical and pre-clinical product candidates.
BMRN is trading down 0.74% at $52.15 on Monday. The stock has been trading between $31.91 and $53.45 for the past 52 weeks.