Syncona Limited Completion of sale of Gyroscope Therapeutics (0667C)
18 Febrero 2022 - 1:00AM
UK Regulatory
TIDMSYNC
RNS Number : 0667C
Syncona Limited
18 February 2022
Syncona Limited
Completion of sale of Gyroscope Therapeutics
18 February 2022
Syncona Ltd, a leading healthcare company focused on founding,
building and funding global leaders in life science, today
announces that the sale of its portfolio company Gyroscope
Therapeutics Holdings plc ("Gyroscope") to Novartis, a leading
global medicines company, for total consideration of up to $1.5
billion (GBP1.1 billion(1) ), has completed and the upfront cash
payment of $800 million (GBP587 million) has been paid. In
addition, up to $700 million (GBP514 million) in cash is
potentially due upon the achievement of certain milestones.
The transaction generates upfront cash proceeds of $442 million
(GBP325 million) for Syncona's holding in Gyroscope(2) , further
strengthening Syncona's capital base as it continues to build and
fund its portfolio of life science companies over the
long-term.
Syncona will continue to value the milestone payments, and
Syncona's risk adjusted and discounted valuation of these payments
for its holding in Gyroscope is estimated to be $64 million (GBP47
million)(3) .
Syncona is also positioned to benefit from any future
commercialisation of Gyroscope's lead programme via a low single
digit royalty on future sales revenue.
[ENDS]
Copies of this press release and other corporate information can
be found on the company website at: www.synconaltd.com
Forward-looking statements - this announcement contains certain
forward-looking statements with respect to the portfolio of
investments of Syncona Limited. These statements and forecasts
involve risk and uncertainty because they relate to events and
depend upon circumstances that may or may not occur in the future.
There are a number of factors that could cause actual results or
developments to differ materially from those expressed or implied
by these forward-looking statements. In particular, many companies
in the Syncona Limited portfolio are conducting scientific research
and clinical trials where the outcome is inherently uncertain and
there is significant risk of negative results or adverse events
arising. In addition, many companies in the Syncona Limited
portfolio have yet to commercialise a product and their ability to
do so may be affected by operational, commercial and other
risks.
Enquiries
Syncona Ltd
Natalie Garland-Collins / Fergus Witt
Tel: +44 (0) 7714 916615
FTI Consulting
Ben Atwell / Tim Stamper
Tel: +44 (0) 20 3727 1000
About Syncona
Syncona's purpose is to invest to extend and enhance human life.
We do this by founding and building companies to deliver
transformational treatments to patients in areas of high unmet
need.
Our strategy is to found, build and fund companies around
exceptional science to create a diversified portfolio of 15-20
globally leading healthcare businesses for the benefit of all our
stakeholders. We focus on developing treatments for patients by
working in close partnership with world-class academic founders and
management teams. Our balance sheet underpins our strategy enabling
us to take a long-term view as we look to improve the lives of
patients with no or poor treatment options, build sustainable life
science companies and deliver strong risk-adjusted returns to
shareholders.
(1) All FX rates related to the Gyroscope transaction taken as
at 17 February 2022
(2) Syncona holding in Gyroscope is 48.5% on a fully diluted
basis; initial proceeds to Syncona include Syncona's share of the
estimated $47m (GBP35m) of net cash within Gyroscope and also take
into account the net exercise of options/incentive shares in
Gyroscope
(3) The risk adjusted and discounted valuation of the milestone
payments, valued as at 31 December 2021 is included in Syncona's
NAV. Syncona will continue to value milestones on a quarterly
basis
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