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Syncona: Freeline Prices U.S. IPO At $18/ADS, To Raise $158.8 Mln

Healthcare company Syncona Limited (SYNC.L) announced Friday that its portfolio company Freeline Therapeutics Holdings plc has priced its initial public offering in the United States, aiming for total gross proceeds of approximately $158.8 million or 120.8 million pounds.

Freeline has priced around 8.82 million American Depositary Shares at an IPO offering price of $18 per ADS. The ADSs are expected to begin trading on Nasdaq Global Select Market on August 7 under the ticker symbol "FRLN".

Syncona agreed to invest $24.3 million or 18.5 million pounds in the IPO and remains Freeline's largest investor. Following the IPO, Syncona will retain a stake of 49 percent in Freeline, with a total value of 257.7 million pounds. This includes an increase in the value of its current shareholding of 57.7 million pounds.

Syncona noted that Freeline is focused on developing gene therapies for chronic systemic diseases.

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