Syncona (SYNC), a leading healthcare company focused on founding, building and funding global leaders in life science, has noted that its has announced the pricing of its underwritten public offering in the United States of 7,250,000 American Depositary Shares (ADSs) representing 7,250,000 company, Autolus Therapeutics (Autolus) ordinary shares for total gross proceeds of approximately $80m (£60.7 million).
SYNC says it has agreed to invest $15m in the offering. Following the offering, the trust will retains a stake of around 28.3% in Autolus, which was valued at £151.4m at close of business on 22 January 2020.
Martin Murphy, ceo of SYNC’s manager and a director of Autolus, said, “Autolus has delivered promising data in its AUTO1 adult ALL programme and we are delighted to continue to back the business as it looks to commence its pivotal programme in this indication in the first half of 2020 and deliver on its ambition to take product to market. We believe the business is well positioned to continue to develop its exciting pipeline of next generation T cell therapies and look forward to seeing further data from the AUTO3 programme in DLBCL in H2 2020, which will enable Autolus to make its decision on further clinical development, including phase 2 initiation.”
[At 30 September 2019, Syncona’s stake in Autolus was valued at £147.4m. Today, after investing another $15m, the stake is said to be worth £151.4m. The implication is that the NAV has fallen a little. Autolus shares trade at more than a 70% discount to their peak in November 2018. Syncona is still sitting on a profit on its original investment, however.]
SYNC: Syncona’s Autolus holding raises $80m