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(Alliance News) - Syncona Ltd said Wednesday its portfolio company, Autolus Therapeutics PLC, expects to raise total gross proceeds of about USD100.0 million from its ADS offering.
Shares in the midcap life sciences investor were 1.8% higher in London on Wednesday morning at 261.00 pence each.
Autolus, an advanced cell programing technology firm focused on cancer treatments, priced the American Depositary Shares at USD7.00 per share and is offering 14.3 million ADS.
JPMorgan and Wells Fargo Securities are acting as joint bookrunners for the offering. Kempen & Co, Mizuho Securities and Needham & Co are acting as co-managers.
Syncona has agreed to invest about USD25.0 million in the offering. Following the offering, Syncona retains a stake of about 26% in Autolus - which represents 19.5 million shares - which was valued at GBP106.0 million on Tuesday.
Syncona Investment Management Chief Executive Martin Murphy said: "Our strategy is to work closely with our portfolio companies and fund them over the long-term as they seek to take product candidates to approval.
"We are excited by the potential of Autolus' AUTO1 product candidate for the treatment of adult acute lymphoblastic leukaemia to become a stand-alone treatment for patients. We believe the business is well positioned to deliver this programme through its pivotal trial and progress its pipeline of next-generation T-cell therapies."
In April last year, the US Food & Drug Administration accepted the AUTO1, a treatment for adults with acute lymphoblastic leukemia, investigational new drug application submitted by Autolus. The active application allowed initiation of the US sites in Autolus's first study AUTO1-AL1.
Venture capitalist Arix Bioscience PLC - which holds about a 6.5% stake in Autolus - also noted the release.
Arix was trading 0.3% lower in London on Wednesday morning at 198.50p each.
By Paul McGowan; paulmcgowan@alliancenews.com
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