BioMarin just dropped $275 million for Alesta Therapeutics, with another $215 million on the table if things go well — all to grab ALE1, the first oral drug ever for hypophosphatasia, a rare bone disease that’s currently only treatable with injections. This move fits BioMarin’s rare disease strategy and could revolutionize care for thousands of patients — while Alesta spins off its other assets into a new company, keeping its team intact. The deal, funded entirely by BioMarin’s cash reserves, closes in Q3 2026 and marks their third major rare disease acquisition this year.
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