Amicus Therapeutics, Inc. announced that it expects to receive $429.999985 million in funding
October 01, 2023
Amicus Therapeutics, Inc entered into a Loan agreement to issue $400,000,000 of senior secured Term Loan on October 2, 2023. The transaction will include participation from new lenders Bxc Jade Sub 1 LLC, Bxc Jade Sub 2 LLC, Bxc Jade Sub 3 LLC, Bxc Jade Sub 4 LLC, Aloe Subordinated LLC, Begonia Subordinated Llc, Cactus Subordinated Llc, Fern Subordinated Llc, Grass Subordinated Llc, Holly Subordinated Llc, Ivy Subordinated Llc, Moss Subordinated LLC, Pothos Subordinated LLC, Anna Subordinated LLC, Bella Subordinated LLC, Cara Subordinated LLC, Blackstone Credit Series Fund-C LP ? Series A, Blackstone Credit Series Fund-C LP ? Series B, Bxc Bxdr Subordinated LLC, Armstrong Subordinated Llc, Bach Subordinated Llc, Cook Subordinated LLC, Darwin Subordinated LLC, Eisenhower Subordinated LLC, Blackstone Holdings Finance Co. L.L.C,BXD WH 2 LLC, Mizuho Capital Markets LLC and it also include new investors, Blackstone Alternative Credit Advisors LP and Blackstone Life Sciences Advisors L.L.C, a fund managed by Blackstone Inc. The new Term Loan bears interest at a rate equal to 3-month Term SOFR, subject to a 2.5% floor, plus a Term SOFR adjustment of 0.26161% and a margin of 6.25%, and matures six years from the date of the funding of the Term Loan. If an Event of Default occurs and is continuing, all amounts outstanding under the Loan Agreement will bear 2.0% per annum additional interest. The Term Loan will be repaid in twelve quarterly payments in the amount of $33.33 million starting on the thirty-nine month anniversary of the Funding Date with the final quarterly payment due on the Term Loan Maturity Date. Term Loan is subject to mandatory prepayment provisions that may require prepayment upon a change of control, the incurrence of certain additional indebtedness, certain asset sales, or an event of loss, subject to certain conditions set forth in the Loan Agreement.
On the same date, the company has entered into a securities purchase agreement to issue an aggregate of 2,467,104 shares of the Company?s common stock, at a purchase price of $12.16 per share for gross proceeds $29,999,984.64. The transaction included participation from new investors, BXLS Yield ? Brief L.P. and BXC Project Brief Aggregator LP. Both of investors subscribed for 50% shares of each. The The closing of the transaction is subject to customary closing conditions and is expected to occur on or about on October 5, 2023. The Purchase Agreement contains customary indemnification provisions, representations, warranties and covenants made by the Company. In addition, pursuant to the terms of the Purchase Agreement, each Purchaser has agreed to a ?lock-up? period that generally prohibits, without the prior written consent of the Company, the sale, transfer, pledge or other disposition of securities of the Company through the period ending sixty days from the Closing Date.
Amicus Therapeutics, Inc. is a biotechnology company that is focused on discovering, developing, and delivering medicines for rare diseases. The Company's portfolio is Galafold (migalastat), which is the approved oral precision medicine for people living with Fabry disease. Galafold is designed to bind to and stabilize an endogenous alpha-galactosidase A (alpha-Gal A) enzyme in patients with genetic variants. Migalastat is approved under the trade name Galafold in the United States, European Union, United Kingdom and Japan. Its biologics program in its pipeline is Amicus Therapeutics GAA (AT-GAA), which is a clinical-stage treatment paradigm for Pompe disease. Pompe disease is a lysosomal disorder (LD) from deficiency in an enzyme, GAA. AT-GAA consists of a uniquely engineered rhGAA enzyme, ATB200, or cipaglucosidase alfa, with an optimized carbohydrate structure to enhance lysosomal uptake, administered in combination with AT2221 (miglustat) that functions as an enzyme stabilizer.