BioMarin (BMRN) bullish buys of 1350 January $105 calls $5.10 to $5.25, name that has 1350 January $90/$80 bull risk reversals in open interest from a trade last April. BMRN showing strength as it moves out of a long value zone and the $15.6B Biotech trading 8.3X Sales could be the next large cap Biotech M&A target, revenues seen rising 15-20% annually the next few years. Recently, the EMA’s Committee for Medicinal Products for Human Use adopted a positive opinion recommending conditional marketing authorization for BioMarin’s Valrox for adults with severe hemophilia A, a nice kicker to revenue growth. BMRN will resubmit a BLA in September for Roctavian while VOXZOGO is off to a strong start.