Syncona Limited (SYNC) has announced that its portfolio company, Mosaic Therapeutics, has in-licensed two clinical-stage assets from Astex Pharmaceuticals, a subsidiary of Otsuka Pharmaceutical Co., Ltd. The deal marks a significant step forward for Mosaic’s targeted oncology strategy and is expected to accelerate the company’s development timeline.
The agreement grants Mosaic exclusive rights to develop the compounds as part of proprietary combination therapies, targeting cancer patients identified through Mosaic’s biomarker-driven platform. Both assets come with established clinical data, having been tested in over 100 patients with favourable safety profiles. Mosaic plans to initiate the first clinical study of its lead drug combination in 2026.
As part of the transaction, Astex will receive a 19% equity stake in Mosaic on a fully diluted basis, with an additional 3% linked to clinical milestones. Following the deal, Syncona retains a 54% fully diluted ownership interest in Mosaic, with its investment valued at £15.0 million as at 31 December 2024.
Dr Edward Hodgkin, managing partner at Syncona Investment Management and chair of Mosaic, commented: “This in-licensing deal provides a step change in Mosaic’s pipeline, allowing us to advance targeted combinations in novel biomarker-defined settings and move closer to delivering precision therapies to patients with limited treatment options.”
