Amicus Therapeutics announced Tuesday that it has entered into a definitive agreement with Blackstone for a $430 million financing collaboration.

As part of the agreement, Blackstone is providing the biotech with a $400 million senior secured term loan facility as well as a $30 million investment in Amicus common stock.

The deal requires interest-only payments from Amicus until late 2026 and matures in October 2029. Blackstone added that the full amount of the loan and equity purchase will be available and fully drawn at the initial funding, while the proceeds will be used to refinance Amicus’s existing debt and fund ongoing operations.

The loan is expected to be funded and the equity investment is expected to close on Thursday, subject to completion of customary conditions.

The financing agreement is a significant development for Amicus as it looks to bolster its operations around Pombiliti (cipaglucosidase alfa-atga) + Opfolda (miglustat).

Late last week, the Food and Drug Administration approved Pombiliti + Opfolda 65mg capsules for treating adults living with late-onset Pompe disease.

“Securing this financing with Blackstone as we launch Pombiliti + Opfolda around the world, allows us to better align our borrowing with anticipated cash flows while at the same time enhancing our ability to maximize access to our therapies for people living with rare diseases,” Amicus CFO Simon Harford said in a statement. 

Meanwhile, Craig Shepherd, the senior managing director of Blackstone Life Sciences, along with Brad Colman, senior managing director of Blackstone Credit, said the investment firm is excited to team with Amicus and bring medicines to rare disease patient populations.

Having available capital is a major point of emphasis for Amicus, which recorded $94.5 million in quarterly revenue, up 17% year-over-year, according to its most recent earnings report. The company also said it expects to achieve non-GAAP profitability during the second half of the year.

In February 2022, Amicus halted the planned spinout of its gene therapy division via a special purpose acquisition company due to what it deemed “unfavorable market conditions.”

One month after that setback, Blackstone entered into a strategic, risk-sharing collaboration with Sanofi. As part of that deal, funds overseen by Blackstone Life Sciences would contribute up to €300 million to accelerate studies and the clinical development of the anti-CD38 antibody Sarclisa, a treatment for patients with multiple myeloma.