Perceptive Advisors-Backed SPAC To Acquire Amicus's Gene Therapy Business

Amicus Therapeutics Inc FOLD has agreed to spin off its gene therapy business to Sciences Acquisition Corp IV ARYD and launch genetic medicine company Caritas Therapeutics Inc.
ARYA Sciences Acquisition Corp IV is SPAC, sponsored by Perceptive Advisors.
Amicus will become the largest shareholder in Caritas with a ~36% ownership stake and retain co-development & commercialization rights to the Fabry and Pompe gene therapy programs and negotiation rights on select future muscular dystrophy programs.
Upon consummation of the business combination, current Amicus Chairman and CEO John Crowley will lead Caritas as Chairman and CEO and become the Chairman Emeritus and Chief Strategic Advisor for Amicus.
Current Amicus President and COO Bradley Campbell will be the new CEO of Amicus.
Amicus also announced that a syndicate of investors has agreed to private investment in Amicus of approximately $200 million.
Amicus will also invest $50 million in cash in Caritas in exchange for additional equity.
Together, Caritas is expected to receive approximately $400 million in proceeds at the closing of the transactions.
The transaction is expected to close in Q4 of 2021 or early 2022.
Related Link: Amicus' Filings For Pompe Disease Candidate Under FDA Review.
Price Action: FOLD stock is up 10.10% at $11.21 during the premarket session on the last check Wednesday.