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Home  »  Biotech and Healthcare News  »  Arix, Syncona and WPCT look set to reap gains on pending Autolus IPO

Arix, Syncona and WPCT look set to reap gains on pending Autolus IPO


Arix, Syncona and WPCT look set to reap gains on pending Autolus Nasdaq IPO

Three LSE-listed health/biotech venture capital investment firms – Arix Bioscience (ARIX), Syncona (SYNC) and Woodford Patient Capital Trust (WPCT) – should see a nice boost to their NAV if Autolus, the UK-based CAR-T cell company completes its proposed Nasdaq IPO. Autolus is a portfolio company for all three firms and assuming the IPO completes on the indicative terms, it would generate an instant NAV uplift of between 4 and 8%.

Arix is the most highly geared to Autolus, with an investment equivalent to 13.7% of its NAV; Syncona and Woodford Patient Capital both have holdings equivalent to 8.1% of their respective NAVs. WPCT believes the Autolus float will add between £25.9-£35.1m to its NAV and boost net asset value per share by 3.1p-4.2p.

Autolus is expected to make its debut on the US markets next week and is aiming to raise at least $125m, before expenses, from the sale of 7.8m shares at a price of between $15-17/share. The IPO, if successful, would give it a post-money market capitalisation of $604m (at the mid-point) with the shares expected to begin trading on 22 June. Based on the indicative range, the pre-money valuation would provide an uplift of between 53-73% against the current £221m carrying value of the investments held by the three firms, which reflect the terms of the Autolus’ September 2017 funding round.

Autolus is developing second-generation dual-targeting CAR-T cell therapies for cancer indications.


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