Syncona notes investee Achilles' plan to close its lead program

(Alliance News) - Syncona Ltd on Thursday announced that Achilles Therapeutics will discontinue its lead TIL-based cNeT program, close its Phase I/IIa CHIRON and THETIS clinical trials and explore strategies for maximising potential value from its remaining assets.

Syncona is a London-based life science investor that owns a diversified portfolio of companies spanning across clinical stages. Achilles Therapeutics is an investee of Syncona and a clinical-stage biopharmaceutical company.

Achilles Therapeutics said it would "refocus its strategy to explore further engagement with third parties who are developing alternative modalities to target clonal neoantigens for the treatment of cancers." Possible strategies for the company could include an acquisition, merger, reverse merger, business combination, asset sale or licencing.

Chief Executive Officer Chris Hollowood said: "Achilles has been investigating a highly innovative approach to treating cancer. Our view has always been that in order to be competitive, the company needed to demonstrate an ability to routinely manufacture its products at a high dose and in significant numbers whilst delivering superior efficacy to comparable treatment. Unfortunately the data released to date was unable to demonstrate a route to a clear competitive advantage, although we believe a potentially valuable platform has been built. We have been engaging with the company on routes to maximise value and are supportive of the actions taken by the leadership team as the best path forward for the company."

As of June 30, Syncona's holding value in Achilles was GBP7.1 million, or 0.6% of Syncona's net asset value. Syncona moved Achilles from its strategic portfolio and classified it as a Syncona investment last year, after Achilles was unable to demonstrate its ability to be competitive in its area of development.

Shares in Syncona were up 0.2% at 112.40 pence each in London on Thursday afternoon.

By Emily Parsons, Alliance News reporter

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