- Life sciences investor Syncona welcomed news that portfolio company Freeline Therapeutics had priced an initial public offering, implying a value on the raising of around $158.8m (£120.8m).

The offer of around 8.82m American depositary shares had been priced at $18 each.

Syncona said that following the IPO it would will retain a 49% stake in Freeline, having agreed to invest $24.3m (£18.5m).

Freeline was a clinical-stage biotechnology company focused on gene therapy targeting the liver.

'In the five years since Syncona founded Freeline, the company has brought multiple programmes to the clinic, with a cutting-edge manufacturing platform and expert management team,' chief investment officer Chris Hollowood said.

'Today's milestone is a significant achievement for the business, and we look forward to continuing to work in close partnership with the management team as it looks to realise its ambition to deliver treatments to patients.'

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