(Alliance News) - Syncona Ltd on Friday announced it has invested USD42.3 million, or GBP30.8 million, into gene therapy company Gyroscope Therapeutics Ltd as part of a USD148.0 million Series C financing.
The investor in life science companies said its holding in Gyroscope has been written up to GBP150.6 million, an uplift of GBP37.9 million or 5.6 pence per share. This represents a 54% stake, it added.
Shares in Syncona were up 0.9% at 260.93p in London on Friday.
Syncona said the financing was led by Forbion's Growth Opportunities Fund, with investments from Sofinnova Investments, undisclosed healthcare focused fund Tetragon Financial Group Ltd, Fosun Pharma and Cambridge Innovation Capital.
Gyroscope said the financing will enable the advanced development of GT005, its investigational gene therapy being evaluated for the treatment of geographic atrophy secondary to age-related macular degeneration.
"Syncona founded Gyroscope in 2016 in partnership with leading academics to develop genetically defined treatments for dry age-related macular degeneration, a leading cause of blindness. Our continued investment is a reflection of the great progress this world-class team has made towards delivering on that promise. We look forward to partnering with Gyroscope's new investors who share our excitement about the potential of the people and science to make a meaningful impact in patients' lives," said Chris Hollowood, Syncona chief investment officer & Gyroscope chair.
Additionally, Gyroscope announced on Friday it would consider further capital raising options, which could include an initial public offering in the US. However, it said it has not determined any terms or timings of an offering.
On Thursday, Syncona investee Achilles Therapeutics PLC amended a US regulatory filing in relation to an offering of American depositary shares, priced between USD17.00 and USD19.00 each. This would represent an increase of its holding in Achilles to between GBP42.9 million and GBP59.1 million, it said.
By Zoe Wickens; zoewickens@alliancenews.com
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