FOLD - Amicus Therapeutics Carves Out Gene Therapy Portfolio Reduces Upside Optionality

• Amicus Therapeutics announced the formation of Caritas Therapeutics, consisting of Amicus' gene therapy portfolio.
• Amicus' stake will go from 100% to 36%, reducing the upside optionality of the gene therapy portfolio.
• The upside of the deal for Amicus is reduced costs and a clear path to profitability which could happen as soon as 2023.
• Amicus will now fully focus on Fabry and Pompe disease with Galafold and AT-GAA, and through retained 50% ownership of gene therapy programs for the two diseases.
• Amicus looks undervalued but without meaningful catalysts in the following quarters and with risks surrounding AT-GAA and the likely lack of investor recognition for this asset until it proves itself on the market.

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