PTC Therapeutics and Eli Lilly are preparing to buy pieces of Sangamo Therapeutics’ Fabry disease gene therapy business via a bankruptcy auction, with Deal terms reported as up to $264 million for the combined transactions. The move reflects Wall Street’s view of Fabry gene therapy as a high-reward bet as a regulatory decision approaches. The auction outcome tees up a fast transition of development ownership for a field where timing is critical—especially with competitive enzyme replacement therapies still in the market and with investors watching how regulators weigh durability and safety. Analysts have characterized the transaction as riskier than traditional asset purchases due to execution and regulatory uncertainty, but the commercial upside is tied to the possibility of a near-term approval for an autologous gene therapy program. For PTC and Lilly, the purchase also positions them to influence the late-stage development plan and potential commercialization strategy should Fabry approval advance.