ASSET ACQUISITION

9 Months Ended

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