Syncona Ltd (LON:SYNC) noted that its portfolio firm, gene therapy group Freeline Therapeutics Holdings PLC, has announced the pricing of its initial public offering (IPO) to list this Friday on the Nasdaq Global Select Market.
Freeline has priced its IPO shares at US$18 each to raise gross proceeds of around US$158.8mln (£120.8mln). Syncona said it will invest US$24.3mln (£18.5mln) in the IPO and will remain Freeline’s largest investor with a 49% stake in the business.
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The IPO also values Syncona’s stake at around £257.7mln compared to £181.5mln as reported at June 30, 2020.
"In the five years since Syncona founded Freeline, the company has brought multiple programmes to the clinic, with a cutting-edge manufacturing platform and expert management team”, Chris Hollowood, Syncona’s chief investment officer said in a statement.
“Today's milestone is a significant achievement for the business, and we look forward to continuing to work in close partnership with the management team as it looks to realise its ambition to deliver treatments to patients", he added.
Syncona shares were 1.1% lower at 254p in early deals on Friday.