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95.40 -0.80 (-0.83%)

Bid:

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Spread: 0.80 (0.833%)

Market Cap: £580.22m

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Syncona's Gyroscope Therapeutics progressing towards US float

Tue, 04th May 2021 10:25

(Alliance News) - Syncona Ltd on Tuesday said its portfolio company Gyroscope Therapeutics PLC has filed an amended registration statement with the US Securities and Exchange Commission for a potential initial public offering.

Gyroscope Therapeutics is a clinical-stage gene therapy company based in Stevenage, England, specialising on treating eye diseases. Syncona has a 54% stake in Gyroscope following a USD42 million investment in March.

The life sciences investor, managed by Syncona Investment Management Ltd, said the IPO price is currently expected to be in a range between USD20.00 and USD22.00 per American depositary shares. This would result in an increase in the value of Syncona's current shareholding in Gyroscope of between GBP52 million and GBP72 million.

The proposed offering amount specified in the filing is 6.8 million ADSs, which would result in gross proceeds to Gyroscope of around USD141.8 million, Syncona said.

Shares in Syncona were up 3.0% at 244.50 pence in London on Tuesday.

By Will Paige; willpaige@alliancenews.com