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Amicus Therapeutics Announces Third Quarter 2009 Financial Results and Strategic Business Updates
Date:10/29/2009

CRANBURY, N.J., Oct. 29 /PRNewswire-FirstCall/ -- Amicus Therapeutics (Nasdaq: FOLD) today announced financial results for the third quarter 2009. Additionally, Amicus also today announced that it has reacquired all global development and commercialization rights from its partner, Shire, for its lead lysosomal storage disease programs as a result of the parties' mutual termination of their collaboration. The Company also announced a workforce reduction of approximately 20 percent and provided cash guidance into the second half of 2011.

Amicus/Shire Collaboration Mutual Termination:

Amicus and Shire have reached a mutual termination agreement with respect to their collaboration to jointly develop Amicus' three lead pharmacological chaperone compounds for the treatment of lysosomal storage disorders, effective immediately. As a result of this agreement, Amicus has regained exclusive worldwide rights to develop and commercialize Amigal(TM) (migalastat hydrochloride), Plicera(TM) (afegostat tartrate) and AT2220 (1-deoxynojirimycin HCl) outside of the United States (U.S.) and now owns worldwide rights for these programs. Shire will pay Amicus $5.2 million in the fourth quarter as full and final payment for any amounts that may be due to the Company under the collaboration, and both parties will be relieved of all other future obligations, financial or otherwise.

John F. Crowley, President and CEO of Amicus Therapeutics stated, "Shire has been an excellent partner to work with during the past two years. However, reacquiring the ex-U.S. commercial rights to Amigal furthers our desire to enhance the value of that program for our shareholders. Since Shire and Amicus mutually concluded that Plicera will not move forward to Phase 3 development in Gaucher disease, having global rights to Amigal was of critical import
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