GlaxoSmithKlins (GSK) and Amicus Therapeutics (FOLD) Announces Amigal Collaboration' Amicus to Receive $30M Upfront, $170M in Potential Milestones
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Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 4.8%
Revenue Growth %: +61,577.8%
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GlaxoSmithKline PLC (NYSE: GSK) and Amicus Therapeutics (Nasdaq: FOLD) announced that they have entered into a definitive agreement to develop and commercialize Amigal.
Amigal, currently in phase 3, is for the treatment of Fabry disease.
Under the terms of the agreement, GSK will receive an exclusive worldwide license to develop, manufacture and commercialize migalastat HCl. Additionally, as part of the agreement GSK and Amicus also intend to advance clinical studies exploring the co-administration of migalastat HCl with enzyme replacement therapy (ERT) for the treatment of Fabry disease.
Amicus will receive an upfront fee of $30 million from Glaxo, with milestone payments totaling $170 million also available to Amicus.
Additionally, as part of the collaboration, GSK is purchasing 6.9 million shares of Amicus common stock at a price of $4.56 per share. The total value of this equity investment to Amicus is $31 million and represents a 19.9% ownership position for GSK in the Company. The total cash up-front to Amicus from GSK for the upfront license payment and equity investment is approximately $60 million.
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Amigal, currently in phase 3, is for the treatment of Fabry disease.
Under the terms of the agreement, GSK will receive an exclusive worldwide license to develop, manufacture and commercialize migalastat HCl. Additionally, as part of the agreement GSK and Amicus also intend to advance clinical studies exploring the co-administration of migalastat HCl with enzyme replacement therapy (ERT) for the treatment of Fabry disease.
Amicus will receive an upfront fee of $30 million from Glaxo, with milestone payments totaling $170 million also available to Amicus.
Additionally, as part of the collaboration, GSK is purchasing 6.9 million shares of Amicus common stock at a price of $4.56 per share. The total value of this equity investment to Amicus is $31 million and represents a 19.9% ownership position for GSK in the Company. The total cash up-front to Amicus from GSK for the upfront license payment and equity investment is approximately $60 million.
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