Syncona Limited Achilles update on IPO (0864U)
March 31 2021 - 2:00AM
UK Regulatory
TIDMSYNC
RNS Number : 0864U
Syncona Limited
31 March 2021
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 (GBP127.8 million [1] )
-- Syncona will retain a stake of 27.0 per cent in Achilles [2]
; its total shareholding following the IPO is valued at GBP145.4
million [3] , an increase in value of GBP50.6 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 (GBP127.8 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 GBP145.4 million [5] . This includes an increase in
the value of its current shareholding of GBP50.6 million (compared
to the 31 December 2020 reported value of GBP94.8 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.
[1] All exchange rates as at 30 March 2021
[2] Fully diluted
[3] Shareholding valued at IPO price
[4] See footnote 2.
[5] See footnote 3.
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END
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