Syncona Shares Rise After Novartis Agrees to Buy Portfolio Company
December 22 2021 - 5:45AM
Dow Jones News
By Joe Hoppe
Syncona Ltd. shares rose Wednesday after it said Novartis AG has
agreed to acquire its portfolio company Gyroscope Therapeutics
Holdings PLC for up to $1.5 billion.
Shares at 0954 GMT were up 17.0 pence, or 8.5% at 217.0
pence.
The London-listed life-sciences investment company said the deal
is comprised of an upfront cash payment of $800 million and up to
$700 million on the achievement of certain milestones.
Syncona said it expects upfront cash proceeds of up to 334
million pounds ($443.2 million) from the point of sale of the
ocular gene therapy company, representing a GBP180 million uplift
to its current holding value, and up to GBP255 million of potential
further proceeds.
The company said that the upfront proceeds will further
strengthen its capital pool and improve its ability to expand its
portfolio and fund companies.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
December 22, 2021 05:30 ET (10:30 GMT)
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