11th Apr 2019 09:05
LONDON (Alliance News) - Syncona Ltd on Thursday said that a merger between its two units Gyroscope Therapeutics and Orbit Biomedical created the first fully integrated retinal gene therapy company.
Syncona will own 82% of the merged company under the name of Gyroscope, with a holding value of GBP28.9 million.
Gyroscope is an ophthalmology company developing genetically defined therapies for retinal diseases while Orbit Biomedical is a specialist medical device company focused on precision sub-retinal therapeutic delivery.
Their combination creates a retinal gene therapy platform by bringing together the firm's technology.
"The merger creates the first fully integrated retinal gene therapy company with high quality manufacturing and a surgical platform that can support accurate, safe and consistent sub-retinal delivery of treatments to patients with blinding conditions," Syncona explained.
In a further announcement on Thursday, Syncona said that its portfolio company Autolus Therapeutics PLC priced a public offering in the US for 4.2 million American Depositary Shares at USD24 per share, to raise USD100.8 million.
Syncona agreed to invest USD24 million in the offering, to retain a 30.4% stake in Autolus.
Syncona shares were up 1.1% at 259.28 pence each.
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