Dutch Biotech Prosena gets Milestone Payments; BioMarin acquires it for US$840 Million

Published Date : Nov 25, 2014

BioMarin Pharmaceuticals Inc. has agreed to pay US$840 million, which includes milestone payments, in accordance to buy Prosena, a Dutch bio-pharmaceutical company. The share prices of Prosena holding NV (RNA) rose above the offer that is made by BioMarin, after the announcement of the deal.

With this deal, BioMarin focuses on the expansion of its portfolio of drugs to treat rare diseases as the acquisition will provide rights to various orphan drug candidates, mainly Drisapersen that is being developed to treat a rare muscular disease, Duchenne muscular dystrophy (DMD), which can be the first approved treatment for this rare genetic disease. BioMarin will make two milestone payments to Prosena of US$80 million, each after U.S and Europe approve for Drisapersen, respectively.

The offer, which BioMarin has made, represents a premium of 55% to the last closing price of Prosena that is US$ 11.44, apart from the milestone payments.

Prosena has taken a lead on the rival drugs producer, Sarepta Therapeutics Inc, by filing for the marketing approval of Drisapersen. Sarepta is conducting a mid-stage studies for Eteplirsen, its DMD drug. It experienced a major setback, when US regulators demanded for more data on Eteplirsen, last month. As of now, Prosena is developing two more DMD drugs that are being tasted in early and mid-stage studies and testing drugs for the treatment of Huntington’s disease, a neurodegenerative genetic disorder.

The shares of Prosena were trading at US$18.50 before the regular market session, while the shares of BioMarin were unchanged premarket on Monday.