Form 4: Inozyme Pharma Executive Cashes Out Equity Following BioMarin Acquisition

Sanjay Subramanian, SVP, CFO & Head of BD of Inozyme Pharma, Inc., disposed of all his common stock, restricted stock units, and stock options as part of the company's acquisition by BioMarin Pharmaceutical Inc. for $4.00 per share.

Summary

• Sanjay Subramanian, SVP, CFO & Head of BD of Inozyme Pharma, Inc., reported the disposition of all his beneficial ownership in Inozyme Pharma securities.
• The disposition occurred on July 1, 2025, as a direct result of the merger of Inozyme Pharma with Incline Merger Sub, Inc., a wholly-owned subsidiary of BioMarin Pharmaceutical Inc.
• Under the terms of the Agreement and Plan of Merger dated May 16, 2025, BioMarin Pharmaceutical Inc. acquired all outstanding shares of Inozyme Pharma common stock for a cash consideration of $4.00 per share.
• Mr. Subramanian disposed of 39,701 shares of common stock, receiving $4.00 per share.
• 38,500 restricted stock units were automatically accelerated, fully vested, and converted into the right to receive $4.00 per share in cash.
• Outstanding stock options with per share exercise prices less than the $4.00 merger consideration were automatically accelerated, fully vested, and converted into cash equal to the excess of the merger consideration over their respective exercise prices. This included 180,000 options (exercise price $3.96), 135,000 options (exercise price $3.30), and 145,000 options (exercise price $1.06).

Sentiment

Score: 8

Explanation: The sentiment is positive for the reporting person and Inozyme Pharma shareholders, as the document confirms the successful completion of a merger resulting in a cash payout for their equity holdings, providing liquidity and a defined return.

Positives

• The reporting person received a cash payout for all his common stock, restricted stock units, and in-the-money stock options, providing immediate liquidity.
• Restricted stock units and in-the-money stock options were automatically accelerated and fully vested upon the merger, ensuring the reporting person could monetize these equity awards.
• The merger provided a clear exit strategy and monetization of equity holdings for shareholders, including the reporting person, at a defined price.

Negatives

• Inozyme Pharma, Inc. ceased to be an independent publicly traded entity, becoming a wholly-owned subsidiary of BioMarin Pharmaceutical Inc.
• Shareholders no longer have direct equity exposure to Inozyme Pharma's future performance as an independent company.

Future Outlook

Not applicable, as the document reports a completed transaction (merger) and Inozyme Pharma, Inc. is no longer an independent publicly traded entity.

Industry Context

This transaction represents a consolidation within the pharmaceutical or biotechnology sector, where larger companies acquire smaller ones, often for their pipeline or specific assets. It reflects a trend of mergers and acquisitions (M&A) activity driven by strategic growth or portfolio expansion.

Related Party Transactions

• The transaction involves an executive (Sanjay Subramanian) disposing of his equity holdings as part of a corporate merger, which is an insider transaction.

Stakeholder Impact

• Shareholders: Received $4.00 per share in cash for their common stock, restricted stock units, and in-the-money options, providing liquidity and a defined return on investment.
• Employees (including the reporting person): Equity awards (restricted stock units and stock options) were accelerated and cashed out, providing financial benefit.

Key Dates

Keywords

Inozyme Pharma, BioMarin Pharmaceutical, merger, acquisition, Form 4, insider transaction, stock options, restricted stock units, common stock, tender offer, cash acquisition, Sanjay Subramanian