Syncona Ltd - London-based investor in healthcare companies - Agrees to acquire all remaining stock in investee Freeline Therapeutics Holdings PLC for USD6.50 in cash per share, valuing Freeline at approximately USD28.3 million. Syncona currently owns 49.7% of shares in Freeline. The company will provide up to USD15 million of financing in conjunction with the acquisition to enable Freeline to meet its near-term cash requirements and continue advancing its lead programme FLT201, a potential gene therapy for Gaucher disease.
Chris Hollowood, CEO of Syncona Investment Management Ltd, says: "We continue to be excited by the data published by Freeline in its FLT201 programme and are pleased with how the company is executing. Our capital allocation is resolutely focused on opportunities with strong prospects of driving an asset to late-stage development, where we believe significant value can be accessed...in this instance, taking the company private allows us the best route to potential risk-adjusted returns."
Current stock price: 118.40 pence, down 0.5% in London on Wednesday afternoon
12-month change: down 39%
By Emma Curzon, Alliance News reporter
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Syncona (SYNC)