Leiden pharma firm Prosensa bought for €675m

BioMarin Pharmaceutical Inc. has agreed to pay up to $840 million to acquire Prosensa Halding NV, a bio-pharmaceutical company from Leiden.

This is in an effort to get approval for Prosensa's drug drisapersen as treatment for Duchenne muscular dystrophy, a rare genetic disorder which affects an estimated 10 to 15 thousand people in the United States.

BioMarin has agreed to pay $17.75 for each outstanding Prosensa share. This amounts to approximately $680 million. They will also pay Prosensa shareholders an additional $80 million if drisapersen receives regulatory approval in the United States before May 2016, and another $80 million if it is approved in Europe by February 2017.

This is BioMarin's, based in San Rafael, Calif, largest acquisition to date.