Amicus Therapeutics, Inc. Amicus and GSK Expanded Fabry Collaboration Call July 17, 2012 05:00 pm ET Executives John Crowley – Chairman & Chief Executive Officer David Lockhart – Chief Scientific Officer Pol Boudes, MD – Chief Medical Officer Chip Baird – Chief Financial Officer Bradley Campbell – Chief Business Officer Sara Pellegrino – Associate Director, Investor Relations Analysts Ritu Baral – Canaccord Genuity Anupam Rama – JP Morgan Kim Lee – ThinkEquity Bill Tanner – Lazard Capital Markets Presentation Operator
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Although Amicus believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions there can be no assurance that its expectations will be realized. Actual results could differ materially from those projected in Amicus’ forward-looking statements due to numerous known and unknown risks and uncertainties including the risk factors described in our annual report on Form 10(k) for the year ended December 31, 2011. All forward-looking statements are qualified in their entirety by this cautionary statement and Amicus undertakes no obligation to revise or update this presentation to reflect events or circumstances after the date hereof.At this time it is my pleasure to turn the call over to John Crowley, Chairman and Chief Executive Officer of Amicus. John Crowley Great, thank you Sara, and good evening everybody and thanks for joining. This is very, very good news that we’re happy to announce this evening. As Sara indicated I’m joined by a number of members of the Executive Team here at Amicus, and before I turn it over to Brad and David in particular to take us through a number of different slides that hopefully everybody has now available to them – and we’ll reference those throughout this presentation – let me just reiterate why this is such a significant deal for Amicus and for continued collaboration and strengthening of that collaboration with GSK. Again, three major components to this transaction: first is the agreement that we will jointly develop with our partners at GSK a next generation proprietary enzyme replacement therapy in Fabry disease that co-formulates and utilizes our core platform technology – the use of the chaperone migalastat; so a proprietary ERT developed by GSK, and we’ll talk more about the history of that development here and how it came to be and the significance of that ERT now combined. So a propriety co-formulated ERT that’s been in development for some time.
Secondly, we have a new division of responsibilities as a result of this extended collaboration. Amicus will now have responsibility for all commercial operations relative to all of these Fabry products – so the monotherapy use of migalastat, the use of migalastat in combination with other existing ERTs as well as the sales and marketing of this future proprietary ERT as it hopefully makes its way through the clinic. And then the third component and further strengthening our relationship with GSK – GSK is increasing its ownership in Amicus to 19.9% and purchasing 2.95 million shares of our common stock at a premium to today’s market close. They’ll be purchasing that at $6.30 for a total investment of a little over $18.5 million.So those are the three components and I’ll comment just briefly now on the rationale from Amicus’ perspective and some of the history of how this came to be. I’ll take you first to our vision and one that I reiterated earlier this year at the JP Morgan conference, and that’s that Amicus would be a company at the forefront of rare and orphan diseases and very significantly utilizing our core platform technology including the extension of that along a continuum of innovation, taking our molecules from small molecule monotherapy as we already have now in advanced development in Fabry disease; looking for co-administration therapies but also very, very aggressively developing that technology co-formulated with enzyme replacement therapy. And David will share more of the scientific rationale for that. But it fits very much in with our business-led, science-driven motto here at Amicus, and it is in line, too, with the vision that I articulated and we have continued to articulate throughout this year that our long-term vision in building Amicus is to be fully integrated by a pharmaceutical company in the rare diseases. And with this, this now allows us to begin preparing for the commercial launch of our products in Fabry disease as they hopefully make their way through the clinic, leading of course with our 011 study, our monotherapy study which remains on track for data delivery here in Q3. Read the rest of this transcript for free on seekingalpha.com