Amicus Therapeutics, Inc. (NASDAQ: FOLD) concluded its recent trading session with a decline of 1.21%, ultimately closing at a price of $10.65. The stock of Amicus experienced a setback during the prior day’s trading due to an occurrence of insider trading.
In a recent filing to the U.S. Securities and Exchange Commission (SEC) yesterday, Mr. Crowley John F, the current Executive Chairman of Amicus (FOLD), unloaded 6,044 of the firm’s shares. The move occurred at a rate of $10.50 per unit, leading to an overall income of $63,449. Following this sale, the insider now holds a 901,192 shares of FOLD.
In the current month, Amicus has formally entered into a concrete agreement, marking a significant milestone in their financial journey, through a collaborative financing endeavor amounting to $430 million with Blackstone-managed funds. As a pivotal component of this collaboration, Blackstone Life Sciences and Blackstone Credit have concurred to extend a senior secured term loan of $400 million to Amicus.
This not only facilitated Amicus in refinancing its pre-existing debt but also encompassed a strategic investment of $30 million in its common stock. This strategic financial alliance has conferred upon Amicus the invaluable means to bolster its revenue streams, thus propelling the organization closer to financial viability.
All the while, this initiative remains steadfast in its dedication to fulfilling its noble mission of providing life-improving solutions to patients and realizing its vision of ascending the ranks as one of the foremost biotechnology firms, with a specialization in addressing rare diseases.
The recent financial partnership with Blackstone has not only fortified Amicus’s fiscal position but has also rendered it a more attractive prospect by reducing its interest rates in contrast to its prevailing debt obligations. This, in turn, facilitates an extension of the amortization period, all contributing to Amicus’s strengthened financial profile.
Furthermore, the $30 million strategic investment serves as a resounding testament to Blackstone’s unwavering commitment to Amicus’s future prospects and underscores their confidence in the promising growth potential of Galafold, Pombiliti, and Opfolda. This reaffirms Amicus’s unwavering dedication to its core mission of developing cutting-edge medicines tailored to the unique needs of individuals afflicted by rare diseases.
