REG-Syncona Limited: Autolus update on IPO

SynconaAnnouncement

22/06/2018 07:05

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 million(1)) 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
million(1)). 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 million(1)) 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 +1 866 471 2526 or by email at
prospectusgroup-ny@ny.email.gs.com; 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
Prospectus_Department@Jefferies.com. 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: +44 (0) 20 7611 2031

Tulchan Communications
Martin Robinson
Lisa Jarrett-Kerr
Tel: +44 (0) 207 353 4200

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.



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