Syncona Regulatory News (SYNC)

Syncona Limited

Achilles update on IPO

31 March 2021

· Achilles is focused on developing personalised T cell therapies for the treatment of solid tumours, specifically targeting neo-antigens

· Achilles has announced the pricing of its initial public offering at a price of $18 per ADS for total gross proceeds of approximately $175.5 million (£127.8 million[1])

· Syncona will retain a stake of 27.0 per cent in Achilles[2]; its total shareholding following the IPO is valued at £145.4 million[3], an increase in value of £50.6 million (7.5p per share)

Syncona Ltd, a leading healthcare company focused on founding, building and funding a portfolio of global leaders in life science, notes that its portfolio company Achilles Therapeutics plc ("Achilles") has announced the pricing of its initial public offering ("IPO") in the United States of 9,750,000 American Depositary Shares ("ADSs"), at an initial public offering price of $18 per ADS for total gross proceeds of approximately $175.5 million (£127.8 million). All ADSs sold in the IPO were offered by Achilles. Each ADS represents one ordinary share of Achilles. The ADSs are expected to begin trading on The Nasdaq Global Select Market on 31 March 2021 under the ticker symbol "ACHL".

Following the IPO, Syncona will retain a stake of 27.0 per cent in Achilles[4] (amounting to 11,086,909 ordinary shares), with a total value of £145.4 million[5]. This includes an increase in the value of its current shareholding of £50.6 million (compared to the 31 December 2020 reported value of £94.8 million).

Martin Murphy, CEO of Syncona Investment Management Limited, said: "Today's milestone is a significant achievement for Achilles as it seeks to deliver its ambition of bringing neo-antigen targeted T-cell therapies to cancer patients. It comes less than five years after Syncona's first investment at the foundation of the company and we look forward to seeing the company's continued progress."

This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

A registration statement relating to the securities referred to in this announcement has been filed with the U.S. Securities and Exchange Commission and was declared effective on 30 March 2021. The securities referred to in this announcement are to be offered only by means of a prospectus. Copies of the preliminary prospectus can be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, collect telephone (212) 834-4533, or by email at prospectus-eq_f@jpmchase.com; from BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255, or by emailing dg.prospectus-requests@bofa.com; and from Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attn: Prospectus Department, by telephone at (800) 747-3924, or by email at prospectus@psc.com.

[ENDS]

Enquiries

Syncona Ltd

Annabel Clay

Tel: +44 (0) 20 3981 7940

FTI Consulting

Ben Atwell / Natalie Garland-Collins / Tim Stamper

Tel: +44 (0) 20 3727 1000

Forward-looking statements - this announcement contains certain forward-looking statements with respect to the portfolio of investments of Syncona Limited. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. In particular, many companies in the Syncona Limited portfolio are conducting scientific research and clinical trials where the outcome is inherently uncertain and there is significant risk of negative results or adverse events arising. In addition, many companies in the Syncona Limited portfolio have yet to commercialise a product and their ability to do so may be affected by operational, commercial and other risks.

About Syncona

Syncona's purpose is to invest to extend and enhance human life. We do this by founding and building companies to deliver transformational treatments to patients in areas of high unmet need.

Our strategy is to found, build and fund companies around exceptional science to create a dynamic portfolio of 15-20 globally leading healthcare businesses for the benefit of all our stakeholders. We focus on developing treatments for patients by working in close partnership with world-class academic founders and management teams. Our strategic balance sheet underpins our strategy enabling us to take a long-term view as we look to improve the lives of patients with no or few treatment options, build sustainable life science companies and deliver strong risk-adjusted returns to shareholders.