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Amicus stock is up 5%, the day after announcing plans to sell its gene therapy business

Shares of Amicus Therapeutics Inc. (FOLD) were up 5.6% in premarket trading on Thursday, the day after the company announced a deal to sell its gene therapy business to ARYA Sciences Acquisition Corp IV (ARYD), a special purpose acquisition company sponsored by Perceptive Advisors. Amicus will have a 36% stake in the new company, which will be called Caritas Therapeutics Inc. It will retain commercialization rights to the Fabry and Pompe gene therapy programs. Amicus chair and CEO John Crowley will become chair and CEO of the new company, while Bradley Campbell, Amicus' president and COO, will become CEO of Amicus. The deal is expected to allow Amicus, which also announced a $200 million investment from private investors, to become profitable in 2023. The transaction will close by early next year. Amicus' stock is down 58.1% so far this year, while the S&P 500 is up 15.5%.

-Jaimy Lee

 

(END) Dow Jones Newswires

09-30-21 0818ET

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