FOLD, Amicus Therapeutics, Inc.
** FOLD and Glaxo Group Limited (GSK) reported an expansion of their collaboration to develop and commercialize the investigational pharmacological chaperone migalastat HCl for Fabry disease.
The global Fabry collaboration combines FOLD's U.S. presence, pharmacological chaperone development expertise, and established relationships in the rare and orphan disease community with GSK's global rare disease unit and worldwide regulatory, commercial, and manufacturing capabilities.
GSK will make an $18.6 million equity investment in FOLD, bringing GSK's total ownership stake in FOLD to 19.9%. GSK will purchase 2,949,581 shares of common stock at $6.30 per share, a 7% premium over the 15-day average closing sale price of FOLD's common stock as reported by Nasdaq.
FOLD will receive a $3.5 million cash payment from GSK this quarter to reflect FOLD's achievement of a clinical development milestone during the second quarter 2012.
Fabry disease is an inherited lysosomal storage disease that is currently estimated to affect approximately 5,000 to 10,000 people worldwide.
Fabry Disease is caused by deficiency of an enzyme called alpha-galactosidase A (alpha-Gal A). The role of alpha-Gal A within the body is to break down a complex lipid called globotriaosylceramide (GL-3). Reduced or absent levels of alpha-Gal A activity leads to the accumulation of GL-3 in the affected tissues, including the central nervous system, heart, kidneys, and skin. This accumulation of GL-3 is believed to cause the various symptoms of Fabry disease, including pain, kidney failure, and increased risk of heart disorders and stroke.
FOLD is a biopharmaceutical company at the forefront of developing therapies for rare diseases. FOLD is developing orally-administered, small molecule-drugs called pharmacological chaperones, a novel, first-in-class approach to treating a broad range of human genetic diseases.
More about FOLD at www.amicustherapeutics.com
ORN, Orion Marine Group, Inc.
** ORN reported a contract award of approximately $10 million.
ORN was recently awarded the contract for the construction of port facilities in the Caribbean. Onsite construction of the project is expected to commence in the first quarter 2013 and last approximately 14 months.
ORN provides a broad range of marine construction and specialty services on, over and under the water along the Gulf Coast, the Atlantic Seaboard, the West Coast and the Caribbean Basin and acts as a single source turn-key solution for its customers' marine contracting needs.
More about ORN at www.orionmarinegroup.com
SAI, SAIC, Inc.
** SAI reported that it was awarded a task order by the U.S. General Services Administration (GSA) Federal Systems Integration and Management Center to provide Continental United States-based analytical, operational and intelligence services in support of Joint Improvised Explosive Device Defeat Organization (JIEDDO) Counter-IED Operations/Intelligence Integration Center (COIC) mission integration, training and operations functions.
The task order has a five year period of performance and a total contract value of approximately $76 million, and it was awarded under the JIEDDO COIC Operations Support services contract vehicle.
Under the task order, SAI will provide analytical, operational and intelligence services needed to effectively support the collection, analysis, and dissemination of counter-IED information, tools, and techniques to defeat human enemy networks that employ IEDs.
SAI is a scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health.
More about SAI at www.saic.com
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