ARYA Sciences Acquisition IV announced today that it has mutually agreed with Amicus Therapeutics to terminate their merger agreement effective immediately. The SPAC cited existing market conditions for the pullout.
Amicus Therapeutics in September said the plan was to separate its gene therapy business through the SPAC’s acquisition and launch a genetic medicine company to be named Caritas Therapeutics. The transaction would have resulted in two independent publicly-traded companies.
ARYA IV’s dissolution deadline is March 2, 2023. The SPAC’s management vowed to forge onward in search of a new acquisition.
Because pulling the plug on the deal was a mutual decision, neither side will be required to pay a termination fee.
Caritas was expected to receive proceeds of approximately $400 million at the closing of the transaction, assuming no redemptions. Read more.