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TheStreet Open House

Amicus Therapeutics Strengthens Biologics Business Strategy

Stock quotes in this article: FOLD

Callidus Biopharma Acquisition Adds Next-Generation Pompe ERT and Enzyme Technology Platform Revised Agreement with GSK Provides Global Development & Commercial Rights to Next-Generation Fabry ERT Company Funded into Late 2015 with $40 Million in Equity and Expected Debt Financing Conference Call Today at 5:00 p.m. ET

CRANBURY, N.J., Nov. 20, 2013 (GLOBE NEWSWIRE) -- Amicus Therapeutics (Nasdaq:FOLD), a biopharmaceutical company at the forefront of therapies for rare and orphan diseases, today announced a broad strengthening of its biologics business strategy. The details of this important strategic repositioning, updates on all development programs, and upcoming milestones will be discussed during a conference call and webcast at 5:00 p.m. ET today.

Key Highlights:

-- Amicus now owns exclusive worldwide rights to three next-generation Enzyme Replacement Therapies (ERTs) in preclinical development.

  • Callidus Biopharma acquisition adds next-generation Pompe ERT and complementary enzyme targeting technologies.  
  • Revised GSK collaboration provides full ex-US rights to next-generation Fabry ERT.  
  • Next-generation ERT for MPS I continues to be supported by a grant from anonymous U.S.-based donor

-- Current cash, including $40 million in equity and expected debt financing, anticipated to fund operating plan into late 2015.

-- Organization restructured and realigned to support next-generation biologics development strategy, saving approximately $4.0 million annually.

-- Monotherapy programs in ongoing Phase 3 studies for Fabry disease and in preclinical studies for Parkinson's disease.

John F. Crowley, Chairman and Chief Executive Officer of Amicus Therapeutics, Inc., stated, "Today marks a bold step forward for Amicus shareholders and the orphan disease community, especially patients with Fabry, Pompe and MPS I. With the culmination of several transformative business development transactions and a new financing, we are advancing an Amicus that is better resourced and more sharply focused toward our valuable biologics business. Not only do we own global rights to all of our CHART and Fabry monotherapy programs, but we have also brought in a uniquely engineered, proprietary next-generation ERT in late preclinical development for Pompe disease. We believe we now have the optimal set of technologies, portfolio, financing and leadership team to be able to advance our vision of developing improved therapies for people living with many rare and orphan diseases."

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