Shares in global bio-tech company Amicus Therapeutics (Nasdaq: FOLD) rose 10.51% in Wednesday premarket trading off the back of an innovative new collaboration with blank check company ARYA IV (Nasdaq: ARYD).
Following a recent announcement, plans are underway for the anticipated launch of next-generation medicine company, Caritas Therapeutics, Inc, thanks to the involvement of the special purpose acquisition (SPAC) body, ARYA Sciences Acquisition Corp IV – or ARYA IV.
The merger will take the shape of two independently traded companies, offering maximum value for Amicus shareholders whilst maintaining strict levels of focus throughout global initiatives – facilitating the growth of two equally alluring investment profiles thus maximising the potential for Amicus stakeholders.
After the development, Amicus will still retain commercialisation rights to its Fabry and Pompe gene therapy programs and will take hold as the largest shareholder of 36%. The new mission of Caritas will be to utilise new-age genetic medicine and further therapy technologies such as advanced protein engineering to target the global struggle of rare genetic diseases.
John F Crowley, Chairman and Chief Executive Officer of Amicus, had this to say about the exciting new launch; “This is a big, bold vision and a massive step forward for next generation biotechnologies for people worldwide living with some of the most devastating rare diseases. In a single stroke with the formation and funding of Caritas we will create what will be one of the world’s preeminent next-generation genetic medicines companies.”
The future is looking promising for Amicus stakeholders; with a pre-market rise of 10.51% and a long-term growth plan, what is on the horizon for Caritas and its vision for rare diseases.
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.