Thursday, August 20, 2026

BioMarin to acquire Alesta for HPP candidate ALE1

BioMarin Pharmaceutical has agreed to acquire Alesta Therapeutics to obtain ALE1, a clinical-stage candidate for hypophosphatasia. The deal includes an upfront payment of $275 million and potential additional payments of up to $215 million tied to development and regulatory milestones.

The transaction has been approved by both companies’ boards. BioMarin expects closing to take place this quarter, subject to customary conditions, and plans to use cash on hand to fund the acquisition.

Oral small molecule for a rare bone disorder

ALE1 is an orally active small molecule being developed for hypophosphatasia, or HPP. The rare genetic bone disease is caused by mutations in the ALPL gene and can impair mineralization of bone and teeth. Symptoms may include frequent fractures, early tooth loss and, in adults, muscle weakness, fatigue and pain.

The asset is currently being evaluated in a Phase 1/2a trial that is assessing safety, tolerability, pharmacokinetics and pharmacodynamics in healthy volunteers and adults with HPP. If approved, ALE1 could become the first oral treatment approach for the condition, according to BioMarin.

Strategic fit for BioMarin’s pipeline

BioMarin positions the program as an addition to its early clinical pipeline and as a potential entry into a larger rare disease opportunity. After closing, ALE1 is expected to become part of the company’s Skeletal Conditions Business Unit.

Before completion of the acquisition, Alesta plans to separate all assets not related to ALE1 into a new company. Alesta employees are also expected to move to that spinout, meaning no Alesta staff will join BioMarin as part of the transaction.

Financial and advisory details

BioMarin said it will update its full-year 2026 guidance after the deal closes. Excluding the upfront consideration, the company expects a modestly dilutive effect on 2026 financial results.

Morgan Stanley is serving as exclusive financial adviser to BioMarin, with Jones Day as legal counsel. J.P. Morgan Securities is advising Alesta exclusively on financial matters, while Goodwin Procter and NautaDutilh are providing legal advice.