27th Jun 2019 09:47
(Alliance News) - Investment firm Syncona Ltd on Thursday said it has agreed to sell its portfolio company Blue Earth Diagnostics to Bracco Imaging for USD450 million plus closing adjustment estimated at USD25 million.
Syncona holds 89% stake in molecular imaging diagnostics company Blue Earth and will receive net proceeds of GBP337 million, 10 times more than its original investment of GBP35.3 million.
"Having now grown Blue Earth into a profitable, marketed product company with the foundations for sustainable long-term growth in place, we are delighted that a new strategic owner will continue to develop the business through its next chapter," said Syncona Investment Management Ltd Chief Executive Martin Murphy.
He added: "Syncona looks forward to redeploying the proceeds to fund both our growing portfolio companies as they scale and exciting new opportunities as they emerge, ultimately with the goal of bringing more transformational products to patients."
Syncona shares were trading 4.0% higher on Thursday morning in London at 232.00 pence each.
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