Finance Watch: Financial Market Turmoil Ends Amicus SPAC Deal For Gene Therapy Spinout

Rare Disease Specialist Unveils Layoffs, R&D Reprioritization

 
• By Mandy Jackson
  
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Public Company Edition: As their stock prices plummet, Adagio reshuffles its research plan and names a new CEO, while Yumanity restructures and seeks strategic alternatives. Also, Bristol sells $6bn worth of notes, Amgen issues $750m green bond, and Inhibrx and Amryt amend and refinance debt.

Finance Watch Public Company
• Source: Alamy

The ongoing financial market turmoil for biopharma has put an end to Amicus Therapeutics, Inc.’s plan to spin out its gene therapy business in a separate publicly traded company called Caritas Therapeutics, Inc. Caritas was set to go public by merging with the special purpose acquisition corporation (SPAC) ARYA Sciences Acquisition Corp. IV, but Amicus and ARYA IV announced on 24 February that they have terminated the merger agreement due to market conditions.

SPAC mergers have become particularly difficult routes for biopharma firms to finance drug development plans, with many companies’ stock prices...

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