BioMarin Pharmaceuticals To Acquire Prosensa Holding NV

Shares of Prosensa Holding NV RNA are up sharply on Monday, following an announcement that BioMarin Pharmaceutical Inc. BMRN will acquire Prosensa.

Under the terms of the agreement, BioMarin will offer to purchase Prosensa for $17.75 per share, for a total up front consideration of approximately $680 million.

In addition, two approximately $80 million contingent milestones are payable for the approval of drisapersen in the U.S. no later than May 15, 2016 and Europe no later than February 15, 2017, respectively.

Following the announcement shares of Prosensa are up 63 percent Monday morning.