BioMarin Pharma (BMRN) Announces Completion of Acquisition of Inozyme (INZY)

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) said today that it completed the previously announced agreement to acquire Inozyme Pharma, Inc. (Nasdaq: INZY) for $4.00 per share in an all-cash transaction worth approximately $270 million. The acquisition will strengthen BioMarin's enzyme therapies portfolio, adding a late-stage enzyme replacement therapy, INZ-701. The medicine is currently being developed for the treatment of ectonucleotide pyrophosphatase/phosphodiesterase 1 (ENPP1) Deficiency, a rare, serious and progressive genetic condition that affects blood vessels, soft tissues and bones.

On May 16, 2025, BioMarin and Inozyme announced that the companies had signed a definitive merger agreement pursuant to which BioMarin commenced a tender offer on June 2, 2025, to acquire all of the issued and outstanding shares of Inozyme common stock (the "Shares") at a price of $4.00 per share.

BioMarin's tender offer expired as scheduled at one minute following 11:59 p.m., Eastern Daylight Time, on June 30, 2025 and was not further extended (the "Expiration Date"). Computershare Trust Company, N.A., the depositary for the tender offer, has advised BioMarin that, as of the Expiration Date, a total of 45,455,118 Shares were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 70% of the issued and outstanding Shares. Such Shares have been accepted for payment and will be promptly paid for in accordance with the terms of the tender offer. Following the completion of the tender offer, BioMarin completed the acquisition of Inozyme by consummating the merger of Incline Merger Sub, Inc., a wholly-owned subsidiary of BioMarin, with and into Inozyme pursuant to Section 251(h) of the General Corporation Law of the State of Delaware. As a result of the merger, all remaining Shares not tendered in the tender offer (other than Shares held by BioMarin and other than Shares held by Inozyme stockholders who are entitled and have properly demanded appraisal in connection with the merger under Delaware law) were converted into the right to receive $4.00 per share in cash, the same price that was paid in the tender offer. Following completion of the merger, the Shares have ceased trading on the Nasdaq Global Select Market and will be delisted.

Goldman Sachs & Co. LLC acted as exclusive financial advisor to BioMarin, and Cooley LLP served as legal counsel. Centerview Partners LLC acted as exclusive financial advisor to Inozyme, and Goodwin Procter LLP and WilmerHale LLP, which has served as corporate counsel to Inozyme since its founding, served as legal counsel.

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