Amicus Therapeutics Secures $400 Million Non-Dilutive Debt Financing
July 17 2020 - 7:32AM
Amicus Therapeutics (Nasdaq: FOLD), a global, patient-dedicated
biotechnology company focused on discovering, developing and
delivering novel medicines for rare diseases, today announced that
it has executed a definitive agreement for a $400 million credit
facility with Hayfin Capital Management (“Hayfin”). The strategic
financing allows Amicus to deliver on its mission for patients and
shareholders and places it firmly on a path to profitability and
its vision to become one of the world’s leading biotechnology
companies focused on rare genetic diseases.
John F. Crowley, Chairman and Chief Executive
Officer of Amicus Therapeutics, stated: “Today’s agreement with
Hayfin has provided us a path to attain profitability without the
need to access the equity markets. Our continued revenue growth,
prudent expense management and great growth potential has allowed
us to reach this important milestone as we continue to achieve on
our vision of delivering groundbreaking and potentially curative
new medicines for people living with rare diseases around the
world.”
Key features of this new credit facility
include:
- Interest rate at 6.5% above LIBOR,
subject to a 100-basis-point floor
- Requires interest-only payments
until mid-2024 and matures in 2026
- The full amount of this
senior-secured term loan facility is available and will be fully
drawn at close
- There are no warrants or any equity
conversion features associated with the loan
- The proceeds will be used to
refinance existing debt and for other general corporate and product
development purposes
Howard Rowe, Managing Director and Head of
Healthcare at Hayfin Capital Management, commented: "Our investment
in Amicus, with its strong position in rare diseases, is consistent
with our strategy to back innovative life sciences businesses. We
look forward to working with the Amicus team."
Daphne Quimi, Amicus Chief Financial Officer,
added: “Securing this financing with market setting terms gives us
a strong financial platform to advance both patient and Amicus
shareholder interests. Defining now a clear path to profitability,
without the need for any future dilutive financing, reflects the
global profile of Amicus today and our future. The execution of our
plan will require strong financial discipline, continued oversight
guided by financial performance and the passionate entrepreneurship
of our Amicus team. We are fully on track this year to achieve
Galafold revenue between $250 million to $260 million and we are
confident in achieving operating expense within the stated
range.”
Subject to completion of customary closing
conditions, the new loan is expected to be funded prior to August
4, 2020. Cowen acted as sole financial advisor to Amicus
Therapeutics on this transaction.
About Amicus TherapeuticsAmicus
Therapeutics (Nasdaq: FOLD) is a global, patient-dedicated
biotechnology company focused on discovering, developing and
delivering novel high-quality medicines for people living with rare
metabolic diseases. With extraordinary patient focus, Amicus
Therapeutics is committed to advancing and expanding a robust
pipeline of cutting-edge, first- or best-in-class medicines for
rare metabolic diseases. For more information please visit the
company’s website at www.amicusrx.com, and follow us on Twitter and
LinkedIn.
About Hayfin Capital
ManagementHayfin Capital Management (“Hayfin”) is a
leading European alternative asset management firm with
approximately €15 billion of assets under management. Since it was
founded in 2009, Hayfin has invested c.€20 billion of capital
across more than 340 portfolio companies. Hayfin focuses on
delivering best-in-class risk-adjusted returns for its investors
across five strategies: Direct Lending, Special Opportunities,
High-Yield Credit, Structured Products and Private Equity Funds.
Hayfin has a diverse international team of over 135 experienced
industry professionals with offices globally, including
headquarters in London and offices in Frankfurt, Luxembourg,
Madrid, Milan, New York, Paris and Tel Aviv. Hayfin is authorized
and regulated by the Financial Conduct Authority. Further
information can be found at www.hayfin.com.
Non-GAAP Financial MeasuresIn
addition to financial information prepared in accordance with U.S.
GAAP, this press release also contains adjusted financial measures
that we believe provide investors and management with supplemental
information relating to operating performance and trends that
facilitate comparisons between periods and with respect to
projected information. These adjusted financial measures are
non-GAAP measures and should be considered in addition to, but not
as a substitute for, the information prepared in accordance with
U.S. GAAP. We typically exclude certain GAAP items that management
does not believe affect our basic operations and that do not meet
the GAAP definition of unusual or non-recurring items. Other
companies may define these measures in different ways. Full
reconciliations of GAAP results to the comparable non-GAAP measures
for the reported periods appear in the financial tables section of
this press release. When we provide our expectation for non-GAAP
operating expenses on a forward-looking basis, a reconciliation of
the differences between the non-GAAP expectation and the
corresponding GAAP measure generally is not available without
unreasonable effort due to potentially high variability, complexity
and low visibility as to the items that would be excluded from the
GAAP measure in the relevant future period, such as unusual gains
or losses. The variability of the excluded items may have a
significant, and potentially unpredictable, impact on our future
GAAP results.
CONTACTS:
Investors/Media:Amicus
TherapeuticsAndrew FaughnanDirector, Investor
Relationsafaughnan@amicusrx.com(609) 662-3809
FOLD–G
Amicus Therapeutics (NASDAQ:FOLD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amicus Therapeutics (NASDAQ:FOLD)
Historical Stock Chart
From Apr 2023 to Apr 2024