Ambrose acquired AM-Pharma’s hypophosphatasia program centered on ilofotase alfa, buying a Phase Ib-ready alkaline phosphatase enzyme replacement candidate for $181 million in milestones plus an undisclosed upfront payment. The deal also includes an expanded European footprint with a base in Utrecht, Netherlands. AM-Pharma’s Phase Ib experience in adults was cited as dose-dependent biomarker activity with a positive safety profile, while hypophosphatasia remains without approved therapies. Ambrose positioned ilofotase alfa as a program with clinical work already de-risked early on, aiming to accelerate development and commercialization. For rare-disease buyers and platform strategists, the deal signals continued M&A momentum around late preclinical and early clinical assets where regulatory and orphan-drug pathways can be leveraged quickly.