Amicus Enters into $430 Million Strategic Financing Collaboration with Blackstone

Rare Daily Staff

Days after winning U.S. marketing approval of its late-onset Pompe disease therapy, Amicus Therapeutics entered into a definitive agreement for a $430 million financing collaboration with funds managed by Blackstone.

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 therapies to people with rare diseases.

“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,” said Bradley Campbell, president and CEO of Amicus. “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.”

The senior secured term loan facility 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 with proceeds used to refinance Amicus’s existing debt and fund ongoing operations.

“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,” said Simon Harford, chief financial officer at Amicus.

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.

Photo: Simon Harford, chief financial officer at Amicus