Amicus gene therapy business acquired in SPAC deal to create Caritas

US biotech Amicus Therapeutics (Nasdaq: FOLD) is to create a new genetic medicine company called Caritas Therapeutics as part of a deal that will see its gene therapy business acquired by ARYA Sciences Acquisition Corp IV (Nasdaq: ARYD), a special purpose acquisition company (SPAC).

This publicly-traded company is expected to have around $400 million in initial funding.

Amicus will become the largest shareholder in Caritas with an ownership stake of around 36%, assuming no redemptions by ARYA’s shareholders, and retain co-development and commercialization rights to the Fabry and Pompe gene therapy programs as well as negotiation rights on select future muscular dystrophy programs.