7th Aug 2020 09:44
(Alliance News) - Syncona Ltd said its portfolio company Freeline Therapeutics Holdings PLC has priced its initial public offering in the US.
The FTSE 250-listed healthcare company said gene therapy firm Freeline has priced its IPO shares on the Nasdaq Global Select Market at USD18 each to raise USD158.8 million. It added that it will invest USD24.3 million in the New York IPO, allowing it to remain Freeline's largest investor.
Syncona now has a 49% stake - or 18.8 million shares - in Freeline. It said the IPO values its stake at around GBP257.7 million, up from GBP181.5 million as at June 30.
"In the five years since Syncona founded Freeline, the company has brought multiple programmes to the clinic, with a cutting-edge manufacturing platform and expert management team. Today's milestone is a significant achievement for the business, and we look forward to continuing to work in close partnership with the management team as it looks to realise its ambition to deliver treatments to patients," said Chris Hollowood, chief investment officer of Syncona Investment Management Ltd.
Shares in Syncona were trading 1.0% lower at 254.47 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
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