A newly established portfolio company of Syncona Limited (LON: SYNC), a London, UK-based healthcare company focused on founding, building and funding global leaders in life science, is to acquire Applied Genetic Technologies Corporation (Nasdaq: AGTC), an Alachua, FL-based 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), for approximately $73.5m.
The deal include a payment of $23.5m ($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).
Led by CEO Sue Washer, Applied Genetic Technologies is a clinical-stage biotechnology company developing genetic therapies for people with rare and debilitating ophthalmic, otologic and central nervous system (CNS) diseases. The company is designing and constructing critical gene therapy elements and bringing them together to develop customized therapies with the potential to address unmet patient needs. AGTC’s most advanced clinical programs in XLRP and ACHM CNGB3 leverage its technology platform to potentially improve vision for patients with inherited retinal diseases. Its preclinical programs build on AGTC’s AAV manufacturing technology and scientific expertise. The company is advancing multiple pipeline candidates to address substantial unmet clinical needs in optogenetics, otology and CNS disorders.
AGTC has entered into strategic collaborations with companies including Bionic Sight, Inc., and Otonomy, Inc.
AGTC will be Syncona’s third company focused on retinal gene therapy, and they look forward to transitioning AGTC-501 to its experienced stewardship with the goal of advancing this differentiated product candidate to patients with XLRP.
Led by CEO Martin Murphy, Syncona aims to found, build and fund companies around exceptional science to create a diversified portfolio of 15-20 healthcare businesses. They focus on developing treatments for patients by working in close partnership with academic founders and management teams.
FinSMEs
24/10/2022