Shares of drugmaker BioMarin Pharmaceutical BMRN.O rose 1.8% to $67.8.
The company said it has agreed to acquire privately held drug developer Alesta Therapeutics to gain access to ALE1, an experimental treatment for the rare genetic disorder hypophosphatasia.
BioMarin will pay $275 million upfront and up to $215 million in additional payments tied to certain development and regulatory milestones.
Alesta will spin out all non-ALE1 assets before the transaction closes.
BioMarin intends to fund the acquisition with cash on hand.
Excluding the upfront consideration, the transaction is expected to have a modestly dilutive impact on BioMarin's 2026 financial results.
BioMarin expects the acquisition to close in the current quarter.
Including the session's moves, the stock is up 13.1% year to date.
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