Autolus announces pricing of public offering

Syncona Limited

Autolus announces pricing of public offering

10 February 2021

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 14,285,715 American Depositary Shares ("ADSs") representing 14,285,715 ordinary shares, at a public offering price of $7.00 per ADS, for total gross proceeds of approximately $100.0 million (£72.3 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 2,142,857 ADSs at the public offering price, less underwriting discounts and commissions.

Syncona has agreed to invest approximately $25.0 million (£18.1 million¹) in the offering. Following the offering, Syncona retains a stake of approximately 26.2% in Autolus (amounting to 19,527,162 ordinary shares) which was valued at £106.0 million at close of business on 9 February 2021.

Martin Murphy, Chief Executive Officer of Syncona Investment Management Limited, said, "Our strategy is to work closely with our portfolio companies and fund them over the long-term as they seek to take product candidates to approval. We are excited by the potential of Autolus' AUTO1 product candidate for the treatment of adult acute lymphoblastic leukaemia to become a stand-alone treatment for patients. We believe the business is well positioned to deliver this programme through its pivotal trial and progress its pipeline of next-generation T-cell therapies."

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 February 8, 2021, 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 Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com.

[ENDS]

Enquiries

Syncona Ltd 

Annabel Clay

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'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 dynamic 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 strategic 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 few treatment options, build sustainable life science companies and deliver strong risk-adjusted returns to shareholders.

About Autolus

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