Syncona shares rise on IPO news

FTSE 250 life science investment trust Syncona (LON:SYNC) saw its shares climb this morning after one of its portfolio companies announced the pricing for its IPO. Autolus Therapeutics, which is developing T-Cell treatments for cancer patients, has said that it will list at $17 a share, which increases the value of Syncona’s current holding by £69.6 million. However, Syncona has said that it intends to invest a further $24 million in Autolus in order to maintain its current 33.8% share of the business.

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Management said that they remained committed to Autolus for the long term. Chief Executive Martin Murphy said: “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“.