Syncona Limited Completion of sale of Blue Earth Diagnostics (4709H)
August 01 2019 - 2:02AM
UK Regulatory
TIDMSYNC
RNS Number : 4709H
Syncona Limited
01 August 2019
Syncona Limited
Completion of sale of Blue Earth Diagnostics
1 August 2019
Syncona Ltd today announces that it has completed the sale of
portfolio company Blue Earth Diagnostics ("Blue Earth") to Bracco
Imaging, a global leader in diagnostic imaging for final
consideration of $476.3 million (GBP390.2 million[1]).
The sale of Blue Earth will generate GBP336.9[2] million of net
proceeds for Syncona for its 89 per cent stake in the business,
further strengthening its strategic capital pool which underpins
the execution of its strategy of founding, building and funding
global leaders in life science.
[ENDS]
Enquiries
Syncona Ltd
Siobhan Weaver / Annabel Clay
Tel: +44 (0) 20 3981 7940
FTI Consulting
Brett Pollard / Ben Atwell / Natalie Garland-Collins
Tel: +44 (0) 20 3727 1000
Copies of this press release and other corporate information can
be found on the company website at: www.synconaltd.com
About Syncona
Syncona is a leading FTSE250 healthcare company focused on
founding, building and funding global leaders in life science. Our
vision is to deliver transformational treatments to patients in
truly innovative areas of healthcare while generating superior
returns for shareholders.
We seek to partner with the best, brightest and most ambitious
minds in science to build globally competitive businesses.
We take a long-term view, underpinned by a deep pool of capital,
and are established leaders in gene and cell therapy. We focus on
delivering dramatic efficacy for patients in areas of high unmet
need.
About Blue Earth Diagnostics
Blue Earth Diagnostics is a leading molecular imaging
diagnostics company focused on the development and
commercialization of novel PET imaging agents to inform clinical
management and guide care for cancer patients in areas of unmet
medical need. Formed in 2014, Blue Earth Diagnostics is led by
recognized experts in the clinical development and
commercialization of innovative nuclear medicine products. The
company's first approved and commercially available product is
Axumin(R) (fluciclovine F 18), a novel molecular imaging agent
approved in the United States and European Union for use in PET
imaging to detect and localize prostate cancer in men with a
diagnosis of biochemical recurrence. The company's pipeline
includes Prostate Specific Membrane Antigen (PSMA)-targeted
radiohybrid ("rh") agents. rhPSMA is a clinical-stage,
investigational class of theranostic compounds, with potential
applications in both the imaging and treatment of prostate
cancer.
About Bracco Imaging
Bracco Imaging S.p.A., part of the Bracco Group, is one of the
world's leading companies in the diagnostic imaging business with
2018 revenues exceeding EUR1 billion. Headquartered in Milan,
Italy, Bracco Imaging develops, manufactures and markets diagnostic
imaging agents and solutions.
Bracco Imaging offers a product and solution portfolio for all
key diagnostic imaging modalities: X-ray Imaging (including
Computed Tomography-CT, Interventional Radiology, and Cardiac
Catheterization), Magnetic Resonance Imaging (MRI), Contrast
Enhanced Ultrasound (CEUS), and Nuclear Medicine through
radioactive tracers. The diagnostic imaging portfolio is completed
by a range of medical devices and advanced administration systems
for contrast imaging products.
The Company operates in over 100 markets worldwide, either
directly or indirectly, through subsidiaries, joint ventures,
licenses and distribution partnership agreements. Bracco Imaging
has a strong presence in key geographies: North America, China,
Europe, Japan, Brazil, Mexico and South Korea. To learn more about
Bracco Imaging, visit www.braccoimaging.com.
[1] Foreign exchange rates at 31 July 2019
[2] Includes effect of foreign exchange hedge
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END
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