BioMarin to acquire Alesta Therapeutics for its oral HPP drug candidate ALE1

BioMarin Pharmaceutical announced on August 18, 2026 that it has signed a definitive agreement to acquire Alesta Therapeutics, gaining Alesta's lead clinical-stage asset, ALE1. BioMarin will pay $275 million upfront, plus additional payments upon achievement of development and regulatory milestones.¹ According to the related 8-K filing, the deal is structured as a cash-free, debt-free share purchase, with an upfront cash payment of $275 million subject to a customary post-closing adjustment, and up to $215 million tied to development milestones.¹

Before closing, Alesta plans to spin out all non-ALE1 assets, and the transaction has already been approved by both companies' boards, with completion expected this quarter.¹ As a structural consequence, no Alesta employees will become BioMarin employees as part of the transaction.¹

ALE1 is a small molecule taken orally that is being studied as a potential treatment for hypophosphatasia, described in the release as a rare genetic bone disease caused by mutations in the ALPL gene.¹ It is currently in an ongoing Phase 1/2a trial evaluating safety, tolerability, and pharmacokinetics/pharmacodynamics in both healthy volunteers and adults with HPP.¹ The companies say the drug works by targeting a novel mechanism that controls levels of inorganic pyrophosphate, the metabolite considered central to HPP disease biology.¹

BioMarin intends to fund the acquisition using cash on hand,¹ and plans to issue updated full-year 2026 guidance after closing, noting the deal is expected to have a modestly dilutive effect on 2026 results, excluding the upfront payment.¹ Once completed, the ALE1 program will move into BioMarin's Skeletal Conditions Business Unit.¹