Nightstar announces closing of IPO

Syncona Limited

Nightstar announces closing of IPO

3 October 2017

Syncona Ltd (“Syncona”), a leading healthcare company focused on investing in and building global leaders in life science, today notes that its portfolio company Nightstar Therapeutics plc (“Nightstar”) has today announced the closing of its previously announced initial public offering in the United States of 6,164,000 American Depositary Shares (“ADSs”) representing 6,164,000 ordinary shares, at an initial public offering price of $14.00, which includes an additional 804,000 ADSs issued upon the exercise in full by the underwriters of their option to purchase additional ADSs. All of the ADSs were offered by Nightstar.

Following completion, Syncona retains a stake of 42.2 per cent in Nightstar (amounting to 12,203,922 ordinary shares/ADSs), which was valued at £174.6m at close of business on 29 September 2017.[1]

This press release 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.

 [ENDS]

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Copies of this press release and other corporate information can be found on the company website at: www.synconaltd.com  

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. Our current investment portfolio consists of seven high quality companies in life science and a leading range of fund investments. 

We seek to partner with the best, brightest and most ambitious minds in science to build globally competitive businesses. We are established leaders in gene therapy, cell therapy and advanced diagnostics, and focus on delivering dramatic efficacy for patients in areas of high unmet need.

Our market leading funds portfolio seeks to generate superior returns by investing in long only and alternative investment funds. This represents a productively deployed evergreen funding base which enables us to take a long term approach to investing in life sciences as we target the best new opportunities and support our existing portfolio companies to grow and succeed.

Syncona is aligned with two of the premium charitable funders in UK science, the Wellcome Trust, original founder of Syncona, and Cancer Research UK, both of which are significant shareholders in our business.  We make a donation of 0.3% of Net Asset Value to a range of charities each year.

About Nightstar:

Nightstar is a leading clinical-stage gene therapy company focused on developing and commercializing novel one-time treatments for patients suffering from rare inherited retinal diseases that would otherwise progress to blindness. 

About Gene therapy:

Genetic diseases are caused by absent or mutated versions of genes. Gene Therapy involves treating a subset of these diseases by delivering a normal copy of the gene to the cells to replace missing or defective ones in order to correct the genetic disorder. There are more than 250 monogenic diseases of the eye which are known to result in blindness. The retina, at the back of the eye, is ideally suited to gene therapy as it is easily accessible and can be viewed during surgery. Delivering the normal gene to dysfunctional cells of the retina may enable the cells to function normally, potentially restoring or retaining vision.

[1] As at exchange rates on 29 September 2017