NEW YORK (AP) -- Amicus Therapeutics said Friday it licensed a potential Fabry disease drug to GlaxoSmithKline for an upfront payment of $30 million, plus future payments and an investment in the company.
Under the deal, GlaxoSmithKline will receive an exclusive worldwide license to develop, make and sell AmigalT. The drug is currently in late-stage development, and the companies also plan further studies on the drug and its effectiveness as a combination treatment with enzyme replacement therapy.
Fabry disease is an enzyme disorder caused by the buildup of a type of fat in the body's cells.
In addition to the upfront payment, Amicus is eligible to receive about $170 million upon the successful achievement of development and commercialization milestones, as well as tiered double-digit royalties on global sales. The companies will jointly fund development costs, and U.K.-based GlaxoSmithKline is buying about $31 million in Amicus stock, giving it a 19.9 percent ownership stake in the company.
Amicus, based in Cranbury, N.J., focuses on treatments for rare genetic diseases. In morning trading, shares of the company added 46 cents, or 12 percent, to $4.41.
