BioMarin bulks up

Five years after discussing a licensing deal with Prosensa Holding N.V., BioMarin Pharmaceutical Inc. decided to acquire the Duchenne muscular dystrophy play to get what could become the California company's largest drug. BioMarin believes it can win accelerated approval for Prosensa's drisapersen despite the fact that the compound missed the primary endpoint in its lone Phase III trial.

On Nov. 24, BioMarin said it would acquire Prosensa for $17.75 per share in cash, or about $680 million. Prosensa shareholders also will receive a contingent value right (CVR) worth up to $4.14 per share, or $160 million...