Amicus Therapeutics today announced an agreement to merge with ARYA Sciences Acquisition IV and launch genetic medicine company Caritas Therapeutics.
Amicus is separating its gene therapy business into the new entity, which will be acquired by ARYA IV. The transaction will result in two independent publicly traded companies.
In addition to the approximately $150 million held in ARYA IV’s trust, assuming no redemptions, a $200 million PIPE investment includes participation from Perceptive Advisors, Redmile Group, Bain Capital Life Sciences, Invus, Avoro Capital Advisors, Surveyor Capital, Deerfield Management Company, Wellington Management and Sphera Healthcare. Amicus will also invest $50 million in cash in Caritas in exchange for additional equity.
Altogether, Caritas is expected to receive proceeds of approximately $400 million at the closing of the transactions, assuming no redemptions
Amicus will become the largest shareholder in Caritas with a ~36% ownership stake (assuming no redemptions by ARYA’s shareholders) and retain co-development and commercialization rights to its gene therapy programs as well as negotiation rights on select future muscular dystrophy programs.
The mission of Caritas, which is Latin for “compassion,” will be to transform the lives of children and adults living with rare genetic diseases by harnessing genetic medicine and gene therapy technologies through advanced protein engineering and innovative gene therapy vector technologies. Read more.