It wasn't the large deal that we've been waiting for, but BioMarin
The arrangement with IGAN Biosciences is a discovery-stage deal, which means that the drug candidates the companies will be working to develop are not yet in phase 1 testing. Fitting in perfectly with BioMarin's business model of focusing on orphan indications, the two companies will work together to find compounds to treat Berger's disease -- a rare ailment that causes kidney nephropathy (damage).
With only one clinical-stage drug candidate in its pipeline, BioMarin has been looking for acquisition targets on which to spend its $587 million in balance-sheet cash. This deal likely uses none of that cash, though; BioMarin didn't announce the terms of the deal, which means that it will have an immaterial effect on its balance sheet.
There's a bounty of big pharma cash sloshing around the sector; drugmakers Pfizer
The only way BioMarin could get good pipeline assets is to acquire them very early in their development -- before the other drugmakers start looking for or finding compounds in niche indications on which they're not currently focused. Yesterday's deal is a good example of BioMarin doing both.
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