A new name and a fresh start
Amsterdam Molecular Therapeutics has announced a financial manoeuvre aimed at getting the biotech out of a hopeless situation. The assets and – more importantly – the liabilities of the drug developer will be acquired by a newly formed private company, uniQure BV, which is also based in Amsterdam. AMT will be delisted, and will cease to exist as a legal entity. uniQure will pay for the transition with unlisted depositary receipts, which may be exchangeable for uniQure shares. “We believe the proposed transaction will ensure the future of AMT following the failure to gain approval of Glybera in 2011, given the very limited options available to us,” said Jörn Aldag, CEO of AMT. “The transaction offers the only viable way to secure a capital injection,” said Aldag. “We ultimately believe that (it) offers the renewed possibility of a meaningful exit for our shareholders, allowing them to benefit from the potential future upside in the business, including the possible outcome of the reconsideration by CHMP of Glybera.” After absorbing AMT, uniQure has been promised additional equity funding of €7m, including €6m from Forbion Capital managed funds together with a1m in additional new financing that is to be secured by AMT prior to completion.