Amicus Therapeutics to acquire Scioderm to expand rare disease portfolio

US biotech firm Amicus Therapeutics (Nasdaq: FOLD) has agreed to acquire Scioderm, a privately-held biopharmaceutical company focused on developing innovative therapies for treating diseases with high unmet need, in a deal worth a potential $847 million in total.

Amicus will acquire Scioderm in a cash and stock transaction. At closing, Amicus will pay Scioderm shareholders $229 million, of which $125 million will be paid in cash and $104 million paid through the issue of 7 million newly-issued Amicus shares. Amicus has agreed to pay up to an additional $361 million to Scioderm shareholders in cash or stock upon achievement of certain clinical and regulatory milestones and $257 million to Scioderm shareholders in cash or stock upon achievement of certain sales milestones.

If Scioderm’s Zorblisa(SD-101) is approved, epidermolysis bullosa (EB), a serious pediatric and orphan disease with severe skin complications, qualifies as a rare pediatric disease and a Priority Review Voucher will be requested. If the Priority Review voucher is obtained and subsequently sold, Amicus will pay Scioderm shareholders the lesser of $100 million or 50% of the proceeds of such sale. The boards of both companies have approved the transaction, which the companies currently anticipate will be completed in the third quarter of 2015.