Amicus Therapeutics and Blackstone Enter into $430 Million Strategic Financing Collaboration
02 Octobre 2023 - 2:20PM
Amicus Therapeutics (Nasdaq: FOLD), a global, patient-dedicated
biotechnology company focused on discovering, developing, and
delivering novel medicines for rare diseases, today announced that
it has entered into a definitive agreement for a $430 million
financing collaboration with funds managed by Blackstone (NYSE:
BX). As part of the collaboration, Blackstone Life Sciences and
Blackstone Credit have agreed to provide Amicus with a $400 million
senior secured term loan facilitating a refinancing of existing
debt and a $30 million strategic investment in Amicus’s common
stock. The financing collaboration allows Amicus to grow revenues
and move toward profitability while delivering on its mission for
patients and its vision of being one of the leading biotechnology
companies focused on rare diseases.
Bradley Campbell, President and Chief Executive
Officer of Amicus Therapeutics, stated: “This new financing with
Blackstone strengthens our balance sheet and financial profile by
reducing the interest rate versus our current debt, pushing out the
amortization schedule and extending the amortization period. This
strategic investment demonstrates Blackstone's commitment to
Amicus’ future and belief in the strong growth potential of
Galafold and Pombiliti™ + Opfolda™ as we continue on our mission to
develop medicines for people living with rare diseases.”
Key features of this transaction include:
- $400M senior secured term loan
facility; interest rate at adjusted Term SOFR plus 6.25%, subject
to a 2.50% floor on Term SOFR
- $30M investment in Amicus common
stock
- Requires interest-only payments
until late 2026 and matures in October 2029
- The full amount of the loan and
equity purchase will be available and fully drawn at the initial
funding
- The proceeds will be used to
refinance Amicus’s existing debt and fund ongoing operations
Commenting on the arrangement, Craig Shepherd,
Senior Managing Director with Blackstone Life Sciences and Brad
Colman, Senior Managing Director with Blackstone Credit said:
"Blackstone aims to provide customized financing solutions for the
world’s leading biotech and pharma companies across therapeutic
areas to support mission critical scientific innovation. We are
excited to collaborate with Amicus and provide capital to advance
their mission of bringing important new medicines to people living
with rare diseases around the world."
Simon Harford, Amicus Chief Financial Officer,
added: “Securing this financing with Blackstone as we launch
Pombiliti™ + Opfolda™ around the world, allows us to better align
our borrowing with anticipated cash flows while at the same time
enhancing our ability to maximize access to our therapies for
people living with rare diseases.”
Subject to completion of customary conditions,
the loan is expected to be funded and the equity investment is
expected to close on October 5, 2023.
About Amicus TherapeuticsAmicus
Therapeutics (Nasdaq: FOLD) is a global, patient-dedicated
biotechnology company focused on discovering, developing and
delivering novel high-quality medicines for people living with rare
diseases. With extraordinary patient focus, Amicus Therapeutics is
committed to advancing and expanding a pipeline of cutting-edge,
first- or best-in-class medicines for rare diseases. For more
information please visit the company’s website at www.amicusrx.com,
and follow on Twitter and LinkedIn.
About Blackstone Life SciencesBlackstone Life
Sciences is an industry-leading private investment platform with
capabilities to invest across the life cycle of companies and
products within the key life science sectors. By combining scale
investments and hands-on operational leadership, Blackstone Life
Sciences helps bring to market promising new medicines and medical
technologies that improve patients’ lives and currently has more
than $8 billion in assets under management.
About Blackstone
CreditBlackstone Credit is one of the world’s largest
credit-focused asset managers. Blackstone’s Credit and Insurance
segment has $295 billion in AUM. Blackstone Credit seeks to
generate attractive risk-adjusted returns for our clients by
investing across the entire corporate credit market, from public
debt to private loans. Our capital supports a wide range of
companies across sectors and geographies, enabling businesses to
expand, invest, and navigate changing market environments.
Forward Looking StatementsThis
press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including the funding of the transactions by funds managed by
Blackstone described in this press release. Words such as, but not
limited to, “look forward to,” “believe,” “expect,” “anticipate,”
“estimate,” “intend,” "confidence," "encouraged," “potential,”
“plan,” “targets,” “likely,” “may,” “will,” “would,” “should” and
“could,” and similar expressions or words identify forward-looking
statements. The forward-looking statements included in this press
release are based on management's current expectations and belief's
which are subject to a number of risks, uncertainties and factors.
In addition, all forward looking statements are subject to the
other risks and uncertainties detailed in our Annual Report on Form
10-K for the year ended December 31, 2022. As a consequence, actual
results may differ materially from those set forth in this press
release. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only of the date hereof.
All forward-looking statements are qualified in their entirety by
this cautionary statement, and we undertake no obligation to revise
this press release to reflect events or circumstances after the
date hereof.
CONTACTS:
Investors: Amicus Therapeutics Andrew
FaughnanVice President, Investor
Relationsafaughnan@amicusrx.com(609) 662-3809
Media: Amicus Therapeutics Diana Moore Head of
Global Corporate Communicationsdmoore@amicusrx.com(609)
662-5079
BlackstonePaula ChirhartGlobal Public
Affairspaula.chirhart@blackstone.com(347) 463-5453
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