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ASSET ACQUISITION | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
ASSET ACQUISITION | ASSET ACQUISITION On July 1, 2025, the Company completed its acquisition of Inozyme Pharma, Inc. (Inozyme), a publicly traded clinical-stage biopharmaceutical company dedicated to developing innovative therapeutics, for a total consideration of approximately $285 million, net of cash acquired. Upon closing, Inozyme became a wholly-owned subsidiary of BioMarin. The Company accounted for this transaction as an asset acquisition since substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable IPR&D asset, INZ-701 (now known as BMN 401). The Company recognized the acquired assets and assumed liabilities based on the consideration paid, inclusive of transaction costs, on a relative fair value basis. As the acquired IPR&D does not have an alternative future use, the Company recorded approximately $221 million in acquired IPR&D expense related to the INZ-701 IPR&D asset during the third quarter of 2025. The IPR&D charge is included in Research and Development on the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss). The following summarizes the total consideration transferred and allocation to the assets acquired, liabilities assumed and acquired IPR&D:
Cash consideration for outstanding shares | $ | 260,424 |
Cash consideration for equity awards | 9,950 |
Consideration paid to Inozyme | 270,374 |
Repayment of Inozyme debt | 49,095 |
Employee-related incentive payments | 2,714 |
Transaction costs | 6,950 |
Total consideration | $ | 329,133 |
Cash and cash equivalents | $ | 43,939 |
Other assets | 10,779 |
Deferred tax assets | 68,697 |
Other liabilities | (15,245) |
Total identifiable assets acquired, net | 108,170 |
Acquired IPR&D | 220,963 |
Total assets and liabilities | $ | 329,133 |

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