Achilles Therapeutics prices IPO at $175m as Syncona keeps 27% stake

Syncona portfolio biopharma company Achilles Therapeutics said its US initial public offering (IPO) will raise $175.5m (£127.8mln).

Achilles, which is developing precision T cell therapies to treat solid tumours, will place 9.7m American depositary shares (ADS) on the Nasdaq exchange at $18 each. Trading is expected to start on Wednesday.

Syncona said it would retain a 27% stake in Achilles worth £145.4mln after the float, a £50.6m rise in value since it first invested.

"Today's milestone is a significant achievement for Achilles as it seeks to deliver its ambition of bringing neo-antigen targeted T-cell therapies to cancer patients,” said Syncona investment management chief executive Martin Murphy.

“It comes less than five years after Syncona's first investment at the foundation of the company and we look forward to seeing the company's continued progress."