StockMarketWire.com - Syncona said it expected to collect £254.6m in proceeds from the agreed sale of portfolio company Nightstar to Biogen for $877m.

The offer, priced at $25.50 per share, represented a 4.5 times multiple on Syncona's original investment.

Syncona said the deal was expected to complete in the second quarter.

Nightstar is a clinical-stage gene therapy company developing treatments for rare inherited retinal diseases.

'In the six years since Syncona founded Nightstar, the company has established itself as one of the global leaders in retinal gene therapies,' chief executive Martin Murphy said.

'It is a strong example of our differentiated approach of founding, building and funding global leaders in life science and we look forward to seeing Nightstar work to deliver transformational treatments to patients during the next phase of its development with Biogen.'




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