Shares of Amicus Therapeutics, Inc. [NASDAQ: FOLD] jumped 4% at the time of writing on Thursday. The strong performance of the firm comes after the news started floating that the firm is planning to sell its gene therapy business to ARYA Sciences Acquisition Corp IV. ARYA Sciences Acquisition Corp IV has earned a reputation as a special purpose acquisition firm backed by Perceptive Advisors.
It has been disclosed that Amicus will own a 36% stake in the new company, which will be named Caritas Therapeutics Inc. It will maintain its commercialization rights to the Fabry and Pompe gene therapy programs. The deal is anticipated to permit Amicus, which also revealed a $200 million investment from private investors, to become lucrative in 2023.
Furthermore, the transaction is likely to execute by early next year. Amicus Therapeutics, Inc. [NASDAQ: FOLD] share price went from a low point around $8.60 to briefly over $25.39 in the past 52 weeks, though shares have since pulled back to $10.08 at the time of writing. FOLD market cap has remained high, reaching $2.63 billion at the time of writing.
As per the emerging report, Amicus chair and CEO John Crowley will serve as the chair and CEO of the Caritas Therapeutics Inc. On the other hand, Bradley Campbell who is the president and of Amicus will act as the CEO of Amicus.