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Syncona sells Blue Earth Diagnostics for $450m

By BFN News | 08:51 AM | Thursday 27 June, 2019


Syncona said it had agreed to sell its portfolio company Blue Earth Diagnostics to global diagnostic imaging leader Bracco Imaging for $450m, plus a closing adjustment of around $25m. The sale was expected to close in the third quarter of 2019. Syncona would receive net proceeds of £337m from the sale for its 89% holding on an original investment of £35.3m and an internal rate of return of 87%. The proceeds represented an uplift of £69.8m to Syncona's holding value of £267.5 million[6] The proceeds would strengthen Syncona's strategic capital pool and enhance its ability to build and fund its portfolio companies to succeed over the long term, the company said. It said its other portfolio companies were "scaling rapidly", with a number of significant financings anticipated in the current financial year. Freeline, Gyroscope and Achilles had recently received the final tranches of previously committed funding and were expected to conduct new financings. "Blue Earth clearly demonstrates the success of Syncona's strategy to found, build and fund innovative companies...Syncona looks forward to redeploying the proceeds to fund both our growing portfolio companies as they scale and exciting new opportunities as they emerge, ultimately with the goal of bringing more transformational products to patients," said Martin Murphy, Chief Executive Officer of Syncona Investment Management Limited. At 8:51am: (LON:SYNC) Syncona Ltd share price was +8.5p at 231.5p Story provided by StockMarketWire.com

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