Syncona To Buy Applied Genetic Technologies

Syncona Limited (SYNC.L) agreed to buy Applied Genetic Technologies Corp. (AGTC), through a tender offer, for about $23.5 million ($0.34 per share) in cash at the closing of the transaction plus potential future aggregate cash payments of up to $50.0 million (up to $0.73 per share) pursuant to contingent value rights or CVRs.

The $0.34 per share represents a premium of about 42% and the potential for up to $1.07 per share (inclusive of the potential CVR value) represents a premium of up to about 344% over AGTC's closing stock price on October 21, 2022.

Applied Genetic said its board recommended that the shareholders of AGTC tender their shares in the tender offer once it is commenced.

The transaction was unanimously approved by AGTC's board of directors and is expected to close in the fourth quarter of 2022.

Upon the closing of the transaction, the shares of AGTC's common stock will no longer be listed on any public market. Subject to certain limited exceptions, the CVRs will be non-transferable.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Integrated energy company Chevron reported Friday that profit for the fourth quarter increased 25 percent from last year, reflecting 17 percent revenue growth amid higher realizations and higher margins on refined product sales. Adjusted earnings per share missed analysts' estimates, while quarterly revenues topped it. Reno, Nevada-based ZLINE Kitchen and Bath has expanded its recall of gas ranges citing serious risk of injury or death from carbon monoxide poisoning, the U.S. Consumer Product Safety Commission announced. The recall now includes about 30,000 units of ZLINE gas ranges, including about 28,000 units... The Food and Drug Administration's independent advisory committee unanimously recommended replacing the current original COVID vaccines used in the U.S. for primary shots with new bivalent omicron shots authorized as boosters, reports said. The committee also considered the proposal for annual COVID vaccination, however, didn't vote on it.
Follow RTT