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BioMarin Pharmaceutical acquires Amicus Therapeutics for $4.8 billion, a move that aims to reverse the company's fortunes and sent its stock up 17%.
BioMarin Pharmaceutical has initiated a US$500 million cost transformation program aimed at achieving a 40% non-GAAP operating margin by next year. The move is a direct response to rising competition in the rare-disease market and internal concerns over its product pipeline, reflecting a strategic shift toward financial efficiency.
Palo Alto Investors substantially increased its holding in PTC Therapeutics, acquiring an additional 456,144 shares. The $33.1 million investment elevates PTCT to the fund's second-largest position, signaling strong institutional conviction in the biopharmaceutical company's outlook.
Leerink Partners downgraded BioMarin Pharmaceutical (BMRN) to Market Perform and cut its price target to $60 from $82, citing valuation and competitive pressures. This action reflects broader sector-wide challenges related to competition, pricing, and patent cliffs impacting major pharmaceutical firms.
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