UK

Syncona portfolio company Freeline Therapeutics announces IPO

Syncona Ltd (LON:SYNC) said its portfolio firm, gene therapy group Freeline Therapeutics Holdings PLC, has announced the pricing of its initial public offering (IPO) to list on the Nasdaq Global Select Market on Friday.

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 Freelines largest investor with a 49% stake in the business.

READ: Syncona slips as NAV hit by Autolus share price fall

The IPO also values Synconas stake at around £257.7mln compared to £181.5mln reported on June 30.

"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”, said Chris Hollowood, Synconas chief investment officer.

“Today's milestone Read More – Source