Canaccord reiterates BioMarin stock rating on Alesta acquisition
Canaccord Genuity maintained a Buy rating on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) after the company announced its acquisition of Alesta Therapeutics. BioMarin's stock is presently trading at $66.99, with an estimated Fair Value of $82.31, presenting a substantial upside potential. The deal terms include an upfront payment of $275 million and potential milestone payments totaling up to $215 million.
Alesta's lead asset is ALE1, a small molecule in development to treat hypophosphatasia, a rare genetic bone disorder. The acquisition is expected to close in the third quarter of 2026. BioMarin's strong balance sheet, with a current ratio of 2.39, supports the transaction and shows that liquid assets far surpass short-term obligations.
The acquisition aligns with BioMarin's capital allocation priorities, focusing on future growth in rare, genetically defined conditions. This marks the third consecutive acquisition by BioMarin that analysts view favorably, following previous deals for Inozyme and Amicus. BioMarin recently reported strong second-quarter results, exceeding expectations with adjusted earnings of $1.20 per share and revenue of $990 million.
The firm has also raised its fiscal 2026 guidance for total revenue, Voxzogo revenue, and non-GAAP diluted earnings per share.
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