BioMarin Raises Price Target to $75, Secures $850M Notes for Amicus Acquisition
Wells Fargo raised its price target on BioMarin to $75 from $70 and kept Overweight rating, citing Transcon-CNP PDUFA as the last negative catalyst and noting its shares trade below sum-of-parts value excluding Voxzogo. BioMarin issued $850 million of 5.5% senior notes due 2034 to finance its Amicus Therapeutics acquisition.
1. Wells Fargo Price Target Revision
Wells Fargo raised the price target on BioMarin to $75 from $70 and maintained an Overweight rating. The firm cited the upcoming Transcon-CNP PDUFA decision as the last potential negative catalyst. Its analysis shows BioMarin’s valuation excluding Voxzogo sits above the current share price, suggesting upside.
2. Bond Offering Details
BioMarin issued $850 million of 5.5% senior unsecured notes maturing in 2034 at par. The offering was sold to institutional and non-U.S. investors and carries customary covenant restrictions and subsidiary guarantees. Proceeds are held in escrow pending completion of the Amicus acquisition, with full redemption required if the deal fails to close by the deadline.
3. Acquisition Financing Plans
Funds from the note sale will primarily underwrite BioMarin’s planned acquisition of Amicus Therapeutics and cover related transaction expenses. Holding proceeds in escrow ensures deal protection, with redemption of principal plus accrued interest if the acquisition does not finalize. This financing arrangement supports the strategic expansion of BioMarin’s rare disease portfolio.