Hot off an FDA approval for its Pompe disease combo treatment, Amicus Therapeutics has reeled in a major investor.
Monday, Amicus unveiled a $430 million financing pact with Blackstone Life Sciences and Blackstone Credit. The deal will see the asset manager furnish Amicus with a $400 million loan that Amicus will use to refinance existing debt, Amicus said in a release.
Additionally, Blackstone made a $30 million strategic investment in Amicus’ common stock.
The move is designed to help Amicus grow revenues and move toward profitability, the company said.
Late last month, Amicus notched a big win with the FDA approval of Pombility and Opfolda. The green light covers adults living with late-onset Pompe disease who aren’t improving with current enzyme replacement therapy (ERT).
Pombiliti is an infused long-term ERT, while Opfolda is an oral stabilizer, which reduces the loss of enzyme activity in the blood during infusion.
The company figures the Pompe disease market could reach $1.8 billion by 2027 and projects peak sales of its combo will reach $1.2 billion. Last week, the company said it was ready to launch “immediately” in the U.S., where it has priced the treatment at $650,000 per year for a patient of medium weight.
Aside from its new Pompe combo, Amicus boasts another commercial product in Fabry disease treatment Galafold, which won its U.S. nod in August of 2018.
Amicus’ full-year revenues for 2022 clocked in at $329.2 million, a year-over-year increase of 8%. In March, the company telegraphed a potential pivot to profitability by the second half of 2023.