Autolus announces pricing of public offering

Syncona Limited

Autolus announces pricing of public offering

23 January 2020

Syncona Ltd, a leading healthcare company focused on founding, building and funding global leaders in life science, notes that its portfolio company, Autolus Therapeutics plc ("Autolus") today announced the pricing of its underwritten public offering in the United States of 7,250,000 American Depositary Shares ("ADSs") representing 7,250,000 ordinary shares, at a public offering price of $11.00 per ADS, for total gross proceeds of approximately $80.0 million (£60.7 million[1]). All ADSs sold in the offering were offered by Autolus. Autolus also granted the underwriters a 30-day option to purchase up to an additional 1,087,500 ADSs at the public offering price, less underwriting discounts and commissions.

Syncona has agreed to invest $15.0 million (£11.4 million1) in the offering. Following the offering, Syncona retains a stake of approximately 28.3% in Autolus (amounting to 15,955,734 ordinary shares) which was valued at £151.4 million at close of business on 22 January 2020.

Martin Murphy, Chief Executive Officer of Syncona Investment Management Limited and Director of Autolus, said, "Autolus has delivered promising data in its AUTO1 adult ALL programme and we are delighted to continue to back the business as it looks to commence its pivotal programme in this indication in the first half of 2020 and deliver on its ambition to take product to market. We believe the business is well positioned to continue to develop its exciting pipeline of next generation T cell therapies and look forward to seeing further data from the AUTO3 programme in DLBCL in H2 2020, which will enable Autolus to make its decision on further clinical development, including Phase 2 initiation."

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 are being offered pursuant to an effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission ("SEC"). A preliminary prospectus supplement to the prospectus describing the terms of the offering was filed with the SEC on January 22, 2020, and a final prospectus supplement will be filed with the SEC. The offering will be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement, which, for the avoidance of doubt, will not constitute a "prospectus" for the purposes of the Regulation (EU) 2017/1129 and has not been reviewed by any competent authority in any member state in the European Economic Area. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may be obtained for free from either of the joint book-running managers for the offering, J.P. Morgan Securities LLC,  c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at +1 866 803 9204 or by email at prospectus-eq_fi@jpmchase.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.

[ENDS]

Enquiries

Syncona Ltd 

Annabel Clay / Siobhan Weaver

Tel: +44 (0) 20 3981 7940

FTI Consulting

Ben Atwell / Natalie Garland-Collins / Tim Stamper

Tel: +44 (0) 20 3727 1000

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 founding, building and funding a portfolio of global leaders in life science. Our vision is to build a sustainable, diverse portfolio of 15 - 20 companies focused on delivering transformational treatments to patients in truly innovative areas of healthcare, through which we are seeking to deliver strong risk-adjusted 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 strategic capital base which provides us with control and flexibility over the management of our portfolio. We focus on delivering dramatic efficacy for patients in areas of high unmet need.

About Autolus

Autolus is a clinical-stage biopharmaceutical company developing next-generation, programmed T cell therapies for the treatment of cancer.