Syncona Limited (LON:SYNC), a leading healthcare company focused on founding, building and funding a portfolio of global leaders in life science, today announced a $51.0 million new commitment in a $77.0 million (£62.0 million)[1] expanded Series A financing by SwanBio Therapeutics.
This new commitment takes Syncona’s total commitment to this business to $74.0 million (£59.6 million)[2].[3] Syncona has now invested a further $19.6 million[4], and the holding is valued at cost[5] at £34.3 million[6]. This expanded Series A financing will enable SwanBio to continue to develop a scalable manufacturing process for commercial supply, progress its lead programme, build out a pipeline of indications and expand its leadership team.
SwanBio is a gene therapy company focused on neurological disorders. Its lead programme is targeting the treatment of Adrenomyeloneuropathy (AMN), a genetic neuro-degenerative disease affecting the spine. This disease impacts 10,000-20,000 patients[7] in the US and EU5 and there are currently no approved treatments. The business has made strong progress in the pre-clinical development of its lead programme, and the build out of a commercial manufacturing platform. In partnership with Syncona, the business has also undertaken an extensive exercise to identify unmet clinical needs where SwanBio is well placed to develop pipeline programmes.
Syncona has a 78.6 per cent fully diluted ownership stake at the point full current commitments are invested.
Chris Hollowood, Chief Investment Officer of Syncona and Chair of SwanBio, said: “In the last seven years, Syncona has developed a leading platform of gene therapy companies, each of which is built around world-class academics, a cornerstone programme addressing a high medical need and a commercial manufacturing and delivery platform that is then leveraged to a differentiated and synergistic pipeline of products.
SwanBio is a fantastic example of this strategy in action. This financing, which is Syncona’s largest Series A to date, demonstrates our belief that we have a differentiated opportunity to build a world-class company, targeting neuro-degenerative diseases where there are no current treatments available.”
Tom Anderson, CEO and Director of SwanBio Therapeutics, said: “At SwanBio Therapeutics, we enjoy the confidence and support of both Syncona Limited and the Partners Innovation Fund in achieving a focused multi-programme platform in neurological diseases through what has become the most significant investment in the company to date. We continue to seek and develop gene therapies in neurological diseases where there is significant unmet need and where our science can make a difference in the lives of patients and their families.”
[1] As at exchange rate on 31 March 2020
[2] See footnote 1
[3] Original commitment from Syncona of $23 million as part of a $25m Series A financing in June 2018; with the remainder committed by Partners Innovation Fund
[4] The remaining commitment will be invested upon the delivery of key milestones
[5] For the purposes of fair value, cost is equivalent to calibrated cost
[6] See footnote 1
[7] SwanBio analysis
