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(Alliance News) - Syncona Ltd, an investor in healthcare companies, said Wednesday its holding in Achilles Therapeutics PLC has leapt by more than 50% in value after the portfolio firm's initial public offering of American depositary shares on the Nasdaq Global Select Market in New York.
Achilles is developing personalised T cell therapies for the treatment of solid tumours, specifically targeting neo-antigens. It offered 9.8 million ADSs in its IPO at USD18 per ADS, raising USD175.8 million. Each ADS represents one Achilles ordinary share, and the offering was entirely of new shares issued by the company.
Syncona retains 11.1 million Achilles shares, a 27% stake, after the IPO. This stake is valued at GBP145.4 million, up from the holding's GBP94.8 million carrying value in Syncona's accounts.
"Today's milestone is a significant achievement for Achilles as it seeks to deliver its ambition of bringing neo-antigen targeted T-cell therapies to cancer patients. It comes less than five years after Syncona's first investment at the foundation of the company," said Martin Murphy, chief executive officer of Syncona Investment Management Ltd.
Syncona shares were up 0.2% at 259.60 pence early Wednesday in London.
By Tom Waite; thomaslwaite@alliancenews.com
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