Autolus update on IPO

Syncona Limited

Autolus update on IPO

22 June 2018

·      Second Syncona founded business to IPO, four years after Autolus incorporated

·      Autolus well positioned to develop next generation T cell therapies which have the potential to be best-in-class and offer cancer patients substantial benefits over the existing standards of care

·      Increase in value of Syncona’s current shareholding of £69.6 million (10.5p per share)[1] to the last disclosed value of £86.7 million[2]

·      Syncona agrees to invest $24 million (£18.1 million¹) in IPO to retain 33.8 per cent stake in the business

Syncona Ltd, a leading healthcare company focused on investing in and building global leaders in life science, today notes that its portfolio company Autolus Therapeutics plc (“Autolus”) has today announced the pricing of its initial public offering (“IPO”) in the United States of 8,823,530 American Depositary Shares (“ADSs”), at an initial public offering price of $17.00 per ADS for total gross proceeds of approximately $150.0 million (£113.2 million¹). All ADSs sold in the IPO were offered by Autolus. Each ADS represents one ordinary share of Autolus. The ADSs are expected to begin trading on the Nasdaq Global Select Market on 22 June 2018 under the ticker symbol “AUTL.”

Following the IPO, Syncona will retain a stake of 33.8 per cent in Autolus (amounting to 13,592,097 ordinary shares) having agreed to invest $24 million (£18.1 million¹) in the IPO, in line with its strategy to invest in its portfolio companies over the long term as they seek to deliver transformation treatments to patients.

Autolus was founded by Syncona with a Series A financing in September 2014 based on programmes and technologies from the University College London laboratory of Dr Martin Pule, a clinical haematologist and leader in the field of engineered T-cell therapies. Autolus now has over 100 employees, led by a highly experienced management team at its headquarters in West London. Employing next-generation programmed T cell therapies designed to target cancer, Autolus is seeking to develop first or best in class CAR-T treatments with curative potential. It is developing an advanced commercial platform to support the rollout of these programmes, including significant investments in building an integrated end-to-end service model.

Syncona’s Chief Executive Officer and Autolus Board Member, Martin Murphy, said: “Since Syncona founded Autolus with a Series A financing four years ago it has made excellent progress. Autolus is now a globally differentiated, clinical stage company at the forefront of a potential revolution in cancer treatment. We look forward to our continued partnership as significant owners and strong supporters of the business as it executes its plan to deliver transformational treatments to patients.”

This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

The securities referred to in this announcement are to be offered only by means of a prospectus. When available, copies of the prospectus can be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at [phone] or by email at [e-mail]; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at + 1 877 821 7388, or by email at [e-mail]. For the avoidance of doubt, such prospectus will not constitute a "prospectus" for the purposes of Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in each relevant EU member state) and will not have been reviewed by any competent authority in any EU member state.

[1] At exchange rate on the 21 June 2018

[2] Compared to the 30 April 2018 sterling holding value 

[ENDS]

Enquiries

Syncona Ltd
Siobhan Weaver
Annabel Clay
Tel: [phone]

Tulchan Communications
Martin Robinson
Lisa Jarrett-Kerr
Tel: [phone]

Forward-looking statements – this announcement contains certain forward-looking statements with respect to the portfolio of investments of Syncona Ltd. 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 and forecasts. Nothing in this announcement should be construed as a profit forecast.

About Syncona

Syncona is a leading FTSE250 healthcare company focused on investing in and building global leaders in life science. Our vision is to deliver transformational treatments to patients in truly innovative areas of healthcare while generating superior returns for shareholders.

We seek to partner with the best, brightest and most ambitious minds in science to build globally competitive businesses.

We take a long-term view, underpinned by a deep pool of capital, and are established leaders in the development of genetic medicine, particularly gene and cell therapy. We focus on delivering dramatic efficacy for patients in areas of high unmet need.

About Autolus

Autolus is a biopharmaceutical company developing next-generation programmed T cell therapies for the treatment of cancer.