Ambrose acquired AM-Pharma’s hypophosphatasia (HPP) candidate ilofotase alfa for up to $181 million in milestones, adding a Phase II-ready rare-disease program and Ambrose’s first European base in Utrecht, Netherlands. The deal includes an undisclosed upfront payment to AM-Pharma shareholders and milestone payments contingent on commercialization. Ilifotase alfa is a recombinant human alkaline phosphatase enzyme replacement engineered from two human isoforms. The Phase Ib program (NCT05890794) in adults with HPP reportedly showed dose-dependent biomarker effects and a positive safety profile, and the asset carries orphan drug designations from the FDA and EMA. Strategically, the acquisition consolidates rare-disease development execution around a lead enzyme replacement candidate with clinical work already underway. It also highlights how European operational infrastructure is being treated as a development asset for companies seeking later-stage regulatory leverage.