BioMarin to acquire Alesta Therapeutics for $490 million

BioMarin Pharmaceutical Inc. has entered into a definitive agreement to acquire Alesta Therapeutics for an upfront payment of $275 million plus up to $215 million in milestone payments. Alesta is a clinical-stage biopharmaceutical company developing oral small-molecule therapies for rare genetic diseases, with its lead asset ALE1 in Phase 1/2a trials for hypophosphatasia, a rare genetic bone disease. ALE1 is designed to be an oral therapy targeting inorganic pyrophosphate, the metabolite central to HPP pathology. The transaction is expected to close this quarter, with Alesta spinning out all non-ALE1 assets prior to close, and the ALE1 program will become part of BioMarin's Skeletal Conditions Business Unit.