(Alliance News) - Syncona Ltd on Monday said its portfolio company Gyroscope Therapeutics has filed a registration statement with US Securities & Exchange Commission for a potential initial public offering.
Gyroscope Therapeutics is a clinical-stage gene therapy company based in Stevenage, England, that focuses on treating diseases of the eye. Syncona has a 54% stake in Gyroscope following a USD42 million investment last month.
The life sciences investor, managed by Syncona Investment Management Ltd, said the IPO will be for its American depositary shares, with each share representing one Gyroscope share.
"All ADSs to be sold in the proposed IPO will be offered by Gyroscope. The number of ADSs to be offered and the pricing terms for the proposed IPO have not yet been determined," said Syncona.
Morgan Stanley, Goldman Sachs & Co LLC and Citigroup are expected to act as joint book-running managers for the proposed offering.
Syncona's portfolio company Achilles offered 9.8 million ADSs at USD18 per ADS, raising USD175.8 million in its IPO last month. It retains a 27% stake in Achilles.
Shares in Syncona were down 0.2% at 242.51 pence in London on Monday.
By Zoe Wickens; zoewickens@alliancenews.com
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Syncona (SYNC)