GlaxoSmithKline and Amicus Expand Partnership
From Associated Press (July 17, 2012)
NEW YORK -- GlaxoSmithKline PLC and Amicus Therapeutics Inc. are expanding their partnership on an experimental treatment for a rare enzymbe disorder, the companies said Tuesday.
The companies agreed to work together on all current or future versions of the drug migalastat, including therapies that combine migalastat with other products to treat Fabry disease. Amicus will have the commercial rights to market any migalastat products in the U.S., while GlaxoSmithKline will market the drugs in all other countries.
The British drug maker is also investing an additional $18.6 million in Amicus, buying close to 3 million shares for $6.30 per share. The purchase will increase GlaxoSmithKline’s stake in Amicus to 19.9 percent.
Fabry disease is an enzyme disorder caused by the buildup of a type of fat in the body’s cells. The fat can cause pain and damage the kidneys and nervous system, among other problems.
Amicus is studying migalastat as a stand-alone treatment for the disease and plans to file for marketing approval during the third quarter. The company is also testing the drug in combination with enzyme replacement therapy. The new agreement includes a therapy that combines migalastat with an enzyme therapy GlaxoSmithKline is developing through a partnership with JCR Pharmaceutical.
The companies agreed to work together to develop migalastat in October 2010. GlaxoSmithKline agreed to pay Amicus $30 million upfront and up to $170 million if the drug advanced through clinical development, was approved, and reached sales targets.
Shares of Amicus fell 13 cents to $6.02 Tuesday. GlaxoSmithKline stock gained 14 cents to $45.44.
Posted: July 2012