Amicus revises terms of Glaxo deal, outlines acquisition, new financing

|About: Amicus Therapeutics, Inc. (FOLD)|By:, SA News Editor

Amicus Therapeutics (FOLD) and GlaxoSmithKline (GSK) revise their migalastat HCl agreement.

FOLD now has sole worldwide development, regulatory, and commercial rights to Fabry ERT and migalastat HCl monotherapy.

GSK is "eligible for future regulatory and commercial milestone payments, as well as royalty payments" and, via a PIPE transaction, will invest $3M in FOLD.

The new terms call for no upfront payment to GSK.

Here's FOLD CEO John Crowley: "This transaction ... delivers what we believe to be immediate and significant value to our shareholders while allowing us to maintain a strong relationship with GSK, our largest shareholder." (PR)

Also: FOLD has acquired Callidus Biopharma and says its current cash combined with future debt financing ($25M expected to close soon) should be sufficient to fund the company's "operating plan into late 2015." (PR)