4th Mar 2019 09:17
LONDON (Alliance News) - Syncona Ltd on Monday said investee company Nightsar Therapeutics PLC has agreed to be acquired by neuroscience healthcare firm Biogen Inc for USD877 million, giving a 72% internal rate of return to Syncona.
Nightstar is a gene therapy firm that develops treatments for inherited retinal diseases that currently cause blindness.
Syncona currently holds a 38% stake in Nightstar, and as a result the offer will generate GBP254.6 million in proceeds to the FTSE 250-listed life sciences investor.
It said it will put the proceeds towards building and funding portfolio companies.
The acquisition, is expected to be completed in the second quarter of 2019.
"In the six years since Syncona founded Nightstar, the company has established itself as one of the global leaders in retinal gene therapies. It is a strong example of our differentiated approach of founding, building and funding global leaders in life science, and we look forward to seeing Nightstar work to deliver transformational treatments to patients during the next phase of its development with Biogen," said Chief Executive Martin Murphy.
Shares in Syncona were up 4.5% at 299.79 pence on Monday.
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