(Alliance News) - Syncona Ltd said on Wednesday it invested USD54 million in neurological disorder-focused gene therapy company SwanBio Therapeutics' Series B financing round.
The investor in healthcare companies said the proceeds will primarily be used to aid SwanBio's ongoing clinical development of its lead candidate, SBT101, for adrenomyeloneuropathy.
Following the drawdown of SwanBio's Series B financing, which totals USD56 million including investment from Mass General Brigham Ventures, Syncona's ownership stake will be 80%. This includes the drawdown of the first tranche investment of USD19 million. Syncona's holding value of SwanBio is now GBP96 million.
Syncona shares were up 4.9% at 179.56 pence each on Wednesday afternoon in London.
By Xindi Wei; xindiwei@alliancenews.com
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Syncona (SYNC)