(Alliance News) - Syncona Ltd said on Friday that it agreed to invest USD20.0 million in Freeline Therapeutics Holdings PLC, as part of the investee's USD26.1 million American depositary shares offering.
The London-based healthcare company explained that, following the offering, it will hold a 55% stake in the company. This stake, Syncona explained, was valued at GBP30.4 million on Thursday.
As at December 31, Syncona held a 45% stake in Freeline, a biotechnology company based in Stevenage, England.
The close of the offering is expected on March 15.
Freeline intends to use the net proceeds from this offering to fund the continued development of its product candidates and gene therapy platform, as well as for other general corporate purposes.
Shares in Syncona were 0.2% higher at 179.57 pence each in London on Friday morning.
By Heather Rydings; heatherrydings@alliancenews.com
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Syncona (SYNC)