Completion of sale of Blue Earth Diagnostics

RNS Number : 4709H

Syncona Limited

01 August 2019

 

Syncona Limited

Completion of sale of Blue Earth Diagnostics

1 August 2019

Syncona Ltd today announces that it has completed the sale of portfolio company Blue Earth Diagnostics ("Blue Earth") to Bracco Imaging, a global leader in diagnostic imaging for final consideration of $476.3 million (£390.2 million[1]).

The sale of Blue Earth will generate £336.9[2] million of net proceeds for Syncona for its 89 per cent stake in the business, further strengthening its strategic capital pool which underpins the execution of its strategy of founding, building and funding global leaders in life science.  

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Enquiries

Syncona Ltd

Siobhan Weaver / Annabel Clay  

Tel: [phone]

FTI Consulting

Brett Pollard / Ben Atwell / Natalie Garland-Collins

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

About Syncona

Syncona is a leading FTSE250 healthcare company focused on founding, building and funding 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 gene and cell therapy. We focus on delivering dramatic efficacy for patients in areas of high unmet need.

About Blue Earth Diagnostics

Blue Earth Diagnostics is a leading molecular imaging diagnostics company focused on the development and commercialization of novel PET imaging agents to inform clinical management and guide care for cancer patients in areas of unmet medical need. Formed in 2014, Blue Earth Diagnostics is led by recognized experts in the clinical development and commercialization of innovative nuclear medicine products. The company's first approved and commercially available product is Axumin® (fluciclovine F 18), a novel molecular imaging agent approved in the United States and European Union for use in PET imaging to detect and localize prostate cancer in men with a diagnosis of biochemical recurrence. The company's pipeline includes Prostate Specific Membrane Antigen (PSMA)-targeted radiohybrid ("rh") agents. rhPSMA is a clinical-stage, investigational class of theranostic compounds, with potential applications in both the imaging and treatment of prostate cancer.

About Bracco Imaging

Bracco Imaging S.p.A., part of the Bracco Group, is one of the world's leading companies in the diagnostic imaging business with 2018 revenues exceeding €1 billion. Headquartered in Milan, Italy, Bracco Imaging develops, manufactures and markets diagnostic imaging agents and solutions.

Bracco Imaging offers a product and solution portfolio for all key diagnostic imaging modalities: X-ray Imaging (including Computed Tomography-CT, Interventional Radiology, and Cardiac Catheterization), Magnetic Resonance Imaging (MRI), Contrast Enhanced Ultrasound (CEUS), and Nuclear Medicine through radioactive tracers. The diagnostic imaging portfolio is completed by a range of medical devices and advanced administration systems for contrast imaging products.

The Company operates in over 100 markets worldwide, either directly or indirectly, through subsidiaries, joint ventures, licenses and distribution partnership agreements. Bracco Imaging has a strong presence in key geographies: North America, China, Europe, Japan, Brazil, Mexico and South Korea. To learn more about Bracco Imaging, visit www.braccoimaging.com.

 

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[1] Foreign exchange rates at 31 July 2019

[2] Includes effect of foreign exchange hedge

 

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