Syncona Ltd - London-based investor in healthcare companies - Freeline Therapeutics Holdings PLC shareholders approve acquisition by Syncona.
In November, Syncona agreed to acquire all remaining stock in investee Freeline Therapeutics for USD6.50 in cash per share, valuing Freeline at approximately USD28.3 million. Syncona currently owns 49.7% of shares in Freeline.
Chris Hollowood, chief executive of Syncona Investment Management Limited, said: "We are delighted our proposal to acquire Freeline has been approved by the required majority of Freeline shareholders. We continue to be encouraged by the data published from its FLT201 Gaucher programme. The challenging market conditions impacting the biotech sector have presented a differentiated opportunity to take the company private, which we believe will provide the best route to potential risk-adjusted returns for our shareholders. It is an exciting milestone for the company, and we look forward to continuing to work closely alongside the Freeline management team to progress this potentially transformative therapy through the clinic and towards patients."
Current stock price: 121.00 pence
12-month change: down 29%
By Sophie Rose, Alliance News senior reporter
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Syncona (SYNC)