Syncona's Nightstar reveals details on US IPO
By Josh White
Date: Thursday 28 Sep 2017
(ShareCast News) - Healthcare investment company Syncona noted on Thursday that its portfolio company Nightstar Therapeutics announced the pricing of its initial public offering in the United States of 5,360,000 American depositary shares, representing 5.36 million ordinary shares at an initial public offering price of $14.00 per ADS for total gross proceeds of approximately $75m (£56m).
The FTSE 250 company said all ADSs sold in the offering were offered by Nightstar, and the shares were expected to begin trading on the NASDAQ Global Select Market on 28 September under the ticker symbol 'NITE'
"Following the offering, Syncona retains a stake of 43.4% in Nightstar - amounting to 12,203,922 ordinary shares / ADSs - having agreed to invest $14m in the IPO, in line with its strategy to maintain significant stakes in its portfolio companies as they seek to deliver their products to market and transformational treatments to patients," Syncona's board said.
Syncona launched Nightstar in 2013 with Professor Robert MacLaren, professor of ophthalmology at the University of Oxford.
Since that time, Syncona said it had worked with Nightstar as it made "significant progress" developing its differentiated gene therapy pipeline for rare inherited retinal disease, building its commercial platform and expanding its leading management team.
"Syncona founded Nightstar in 2013 with the ambition of building a global leader in gene therapy for inherited retinal diseases, and we see it reach an important milestone on that mission today," said Syncona chief investment officer and Nightstar chairman Chris Hollowood.
"We are proud of what has been achieved so far and look forward to our continued partnership as significant owners and strong supporters of the business over Nightstar's next stage of growth and development."
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