Syncona Limited

Completion of sale of Gyroscope Therapeutics

18 February 2022

Syncona Ltd, a leading healthcare company focused on founding, building and funding global leaders in life science, today announces that the sale of its portfolio company Gyroscope Therapeutics Holdings plc ("Gyroscope") to Novartis, a leading global medicines company, for total consideration of up to $1.5 billion (£1.1 billion¹), has completed and the upfront cash payment of $800 million (£587 million) has been paid. In addition, up to $700 million (£514 million) in cash is potentially due upon the achievement of certain milestones.

The transaction generates upfront cash proceeds of $442 million (£325 million) for Syncona's holding in Gyroscope², further strengthening Syncona's capital base as it continues to build and fund its portfolio of life science companies over the long-term.

Syncona will continue to value the milestone payments, and Syncona's risk adjusted and discounted valuation of these payments for its holding in Gyroscope is estimated to be $64 million (£47 million)³.

Syncona is also positioned to benefit from any future commercialisation of Gyroscope's lead programme via a low single digit royalty on future sales revenue.

[ENDS]

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 Limited. 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. In particular, many companies in the Syncona Limited portfolio are conducting scientific research and clinical trials where the outcome is inherently uncertain and there is significant risk of negative results or adverse events arising. In addition, many companies in the Syncona Limited portfolio have yet to commercialise a product and their ability to do so may be affected by operational, commercial and other risks.

Enquiries

Syncona Ltd

Natalie Garland-Collins / Fergus Witt

Tel: +44 (0) 7714 916615

FTI Consulting

Ben Atwell / Tim Stamper

Tel: +44 (0) 20 3727 1000

About Syncona

Syncona's purpose is to invest to extend and enhance human life. We do this by founding and building companies to deliver transformational treatments to patients in areas of high unmet need.

Our strategy is to found, build and fund companies around exceptional science to create a diversified portfolio of 15-20 globally leading healthcare businesses for the benefit of all our stakeholders. We focus on developing treatments for patients by working in close partnership with world-class academic founders and management teams. Our balance sheet underpins our strategy enabling us to take a long-term view as we look to improve the lives of patients with no or poor treatment options, build sustainable life science companies and deliver strong risk-adjusted returns to shareholders.