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Syncona To Acquire Applied Genetic Technologies Corporation

Oct 24, 2022•about 3 years ago

Acquiring Company

Syncona

Acquired Company

Applied Genetic Technologies

LondonVenture Capital

Description

Applied Genetic Technologies Corporation (Nasdaq: AGTC), a clinical-stage biotechnology company focused on the development and commercialization of adeno-associated virus (AAV)-based gene therapies for the treatment of rare and debilitating diseases with an initial focus on inherited retinal diseases (IRDs), today announced that it has entered into a definitive agreement pursuant to which a newly established portfolio company of Syncona Limited (LON: SYNC), a leading healthcare company focused on founding, building and funding global leaders in life science, will acquire AGTC, through a tender offer, for approximately $23.5 million ($0.34 per share) in cash at the closing of the transaction plus potential future aggregate cash payments of up to $50.0 million (up to $0.73 per share) pursuant to contingent value rights (CVRs). The board of directors of AGTC unanimously recommends that the shareholders of AGTC tender their shares in the tender offer once it is commenced.

Company Information

Company

Syncona

Location

London, England, United Kingdom

About

Syncona, is a leading FTSE 250 healthcare company focused on creating, building and scaling a portfolio of global leaders in life science. Our vision is to build a sustainable, diverse portfolio of 20- 25 companies focused on delivering transformational treatments to patients in truly innovative areas of healthcare, through which we are seeking to deliver strong risk-adjusted returns for shareholders. We take a long-term view, underpinned by a strategic capital base which enables us to maintain significant ownership positions in our companies and provides us with control and flexibility over the management of our portfolio. We believe we have the team, track record and skill-set to capture the superior returns available from commercialising exceptional science.

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