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

  • 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)
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