Amicus Therapeutics, a global, patient-dedicated biotechnology company focused on discovering, developing and delivering novel medicines for rare diseases, today announced that it has executed a definitive agreement for a $400 million credit facility with Hayfin Capital Management (“Hayfin”). The strategic financing allows Amicus to deliver on its mission for patients and shareholders and places it firmly on a path to profitability and its vision to become one of the world’s leading biotechnology companies focused on rare genetic diseases.

John F. Crowley, Chairman and Chief Executive Officer of Amicus Therapeutics, stated: “Today’s agreement with Hayfin has provided us a path to attain profitability without the need to access the equity markets. Our continued revenue growth, prudent expense management and great growth potential has allowed us to reach this important milestone as we continue to achieve on our vision of delivering groundbreaking and potentially curative new medicines for people living with rare diseases around the world.”

Key features of this new credit facility include:

• Interest rate at 6.5% above LIBOR, subject to a 100-basis-point floor
• Requires interest-only payments until mid-2024 and matures in 2026
• The full amount of this senior-secured term loan facility is available and will be fully drawn at close

There are no warrants or any equity conversion features associated with the loan

The proceeds will be used to refinance existing debt and for other general corporate and product development purposes

Howard Rowe, Managing Director and Head of Healthcare at Hayfin Capital Management, commented: "Our investment in Amicus, with its strong position in rare diseases, is consistent with our strategy to back innovative life sciences businesses. We look forward to working with the Amicus team."

Daphne Quimi, Amicus Chief Financial Officer, added: “Securing this financing with market setting terms gives us a strong financial platform to advance both patient and Amicus shareholder interests. Defining now a clear path to profitability, without the need for any future dilutive financing, reflects the global profile of Amicus today and our future. The execution of our plan will require strong financial discipline, continued oversight guided by financial performance and the passionate entrepreneurship of our Amicus team. We are fully on track this year to achieve Galafold revenue between $250 million to $260 million and we are confident in achieving operating expense within the stated range.”

Subject to completion of customary closing conditions, the new loan is expected to be funded prior to August 4, 2020. Cowen acted as sole financial advisor to Amicus Therapeutics on this transaction.