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GSK and Amicus Therapeutics Enter Exclusive Worldwide Agreement to Develop and Commercialize Amigal™ for Fabry Disease
Date:10/29/2010

LONDON and CRANBURY, N.J., Oct. 29 /PRNewswire/ -- GlaxoSmithKline PLC (GSK) and Amicus Therapeutics (Nasdaq: FOLD) today announced a definitive agreement to develop and commercialize Amigal (migalastat HCl), currently in Phase 3 for the treatment of Fabry disease, a rare inherited disorder.  Under the terms of the agreement, GSK will receive an exclusive worldwide license to develop, manufacture and commercialize migalastat HCl.  Additionally, as part of the agreement GSK and Amicus also intend to advance clinical studies exploring the co-administration of migalastat HCl with enzyme replacement therapy (ERT) for the treatment of Fabry disease. 

Under the terms of the Agreement, Amicus will receive an upfront, license payment of $30M from GSK and is eligible to receive further payments of approximately $170M upon the successful achievement of development and commercialization milestones, as well as tiered double-digit royalties on global sales of migalastat HCl. GSK and Amicus will jointly fund development costs in accordance with an agreed upon development plan.   Additionally, as part of the collaboration, GSK is purchasing 6.9 million shares of Amicus common stock at a price of $4.56 per share.  The total value of this equity investment to Amicus is $31 million and represents a 19.9% ownership position for GSK in the Company.  The total cash up-front to Amicus from GSK for the upfront license payment and equity investment is approximately $60 million.

"This strategic collaboration is another significant milestone in delivering our vision for GSK Rare Diseases. Amicus' scientific and clinical expertise in human genetic diseases is among the best in the industry, and we are pleased to be collaborators and investors in this exceptional company," said Marc Dunoyer, Global Head of GSK Rare Diseases and a member of the GSK Corp
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