Amicus agrees to swap $34.7 million of 3% convertibles for stock

By Sarah Lizee

Olympia, Wash., March 13 – Amicus Therapeutics, Inc. entered into separate privately negotiated exchange agreements on March 12 with a limited number of holders of its 3% convertible senior notes due 2023, according to an 8-K filing with the Securities and Exchange Commission.

Under the exchange agreements, the holders agreed to exchange a total of $34.7 million of their notes for a total of about 6 million shares of the company’s common stock.

In addition, the company will make an aggregate cash payment of about $257,000 to the noteholders to satisfy accrued interest to the closing date of the transaction, along with cash in lieu of fractional shares.

The transaction is expected to close on or about March 14.

Amicus is a Cranbury, N.J.-based biotechnology company focused on orphan drugs for rare diseases.

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