BioMarin (NASDAQ: BMRN), a California-based pharmaceutical company, has paid $10 million to wholly buy out Zacharon Pharmaceuticals.
Biotech Zacharon is known for developing drugs combating Tay Sachs, Sandhoff, and several other diseases by relying on glycobiology, involving the body’s natural sugar chains (“glycans”).
With the acquisition, BioMarin has improved its research portfolio targeting lysosonal storage disorders. These inherited problems affect the human body’s cells’ ability to break down waste, often leading to serious issues like seizures and blindness.
From the San Rafael Patch:
“Zacharon’s deep expertise in glycobiology has generated additional programs for treating lysosomal storage disorders that we expect to progress, and we will leverage that expertise to continue to build BioMarin’s existing research and development pipeline into a sustainably leading pipeline,” said Hank Fuchs, executive vice president and chief medical officer of BioMarin.
BioMarin bought 100 percent of the biotech’s share capital for $10 million and has the option of making further payments contingent on clinical, regulatory, and commercial milestones in the future.
BioMarin encountered a major success last November when it achieved successful clinical trials of its drug for Morguio A Syndrome—a rare genetic disease. The company’s shares shot to an all-time high.
On Friday, shares were down 0.39% to $51.59.