28th Sep 2018 09:58
LONDON (Alliance News) - Healthcare-focused investment firm Syncona Ltd said Friday it has invested a further USD18 million in NASDAQ-listed Nightstar Therapeutics PLC after its announced a share placing.
Nightstar proposed to place a further 4.0 million shares at USD18.00 each, raising USD72.0 million. As part of this, Syncona has agreed to invest USD18.0 million, or GBP13.7 million, further in the firm.
After the transaction, Syncona will retain a 39% stake - or 13.2 million shares - in Nightstar. Syncona added its stake was valued at GBP187.6 million as of the close of trading on Thursday. On Thursday, Nightstar shares closed 0.2% lower in New York at USD18.62.
In October 2017, Nightstar had its initial public offering in New York at a price of USD14.00 per share.
Syncona Chief Investment Officer & Nightstar Chairman Chris Hollowood said: "Our strategy is to build global leaders by supporting our companies strongly over the long-term. We are demonstrating this approach today with our investment in Nightstar, a company which we believe has the potential to become a global leader in gene therapies for inherited blinding conditions. We look forward to continuing to support the company as it seeks to bring its pipeline of gene therapies to patients."
Shares in Syncona were marginally lower at 283.40 pence on Friday.
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