Cowen Raises Price Target on Amicus Therapeutics (FOLD) Following Announced Deal for Scioderm

Cowen reiterated an Outperform rating on Amicus Therapeutics (NASDAQ: FOLD), and raised the price target to $27.00 (from $19.00), following the announced cash/stock deal for Scioderm. Scioderm’s Zorblisa is in a Ph3 trial for the rare skin disease Epidermolysis Bullosa (EB) with FDA Breakthrough status. FOLD intends to purchase Scioderm Inc. for a $229M upfront, $125M cash and $104M payable with stock. The deal also includes $361M in clinical and regulatory milestones and $257M in sales milestones, as well a payment of up to $100M contingent on receipt and sale of a rare pediatric disease priority review voucher.

Analyst Ritu Baral commented, "FOLD this morning announced a cash/stock deal for Scioderm (private). Scioderm’s Zorblisa is in a Ph3 trial for the rare skin disease Epidermolysis Bullosa (EB) with FDA Breakthrough status. We think Ph2b data is supportive of Ph3 trial success and regulatory approval, although significantly more detail on the Ph2 data is needed. We model $1.2B WW peak sales, bringing our target to $27 from $19."

For an analyst ratings summary and ratings history on Amicus Therapeutics click here. For more ratings news on Amicus Therapeutics click here.

Shares of Amicus Therapeutics closed at $14.38 yesterday.

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