AGTC - Syncona to acquire Applied Genetic Technologies for ~$23.5M

• Applied Genetic Technologies ( NASDAQ: AGTC ) has entered into a definitive pact pursuant to which a newly established portfolio company of Syncona Limited to acquire former, through a tender offer, for ~$23.5M ($0.34 per share) in cash plus potential future aggregate cash payments of up to $50.0M (up to $0.73 per share).
• The upfront consideration in cash of $0.34 per share representing a premium of approximately 42% over AGTC’s closing stock price on October 21, 2022
• The total consideration of up to $1.07, including up to $0.73 per CVR, representing a premium of up to approximately 344% over AGTC’s closing stock price on October 21, 2022.
• AGTC’s board has examined all alternative options for the future of AGTC and believes this transaction clearly delivers the best value for shareholders.
• Given the state of equity and other funding markets, AGTC sees significant challenges in funding ongoing operations beyond 2022.
• Per the terms, an indirect subsidiary of Syncona Limited will initiate a tender offer to acquire all outstanding shares of AGTC common stock.
• AGTC equity holders will also receive in the transaction, for each share of AGTC common stock, one non-tradeable CVR.
• Pursuant to the closure, the shares of AGTC’s common stock will no longer be listed on any public market.
• Syncona plans to finance the upfront cash consideration in the transaction with cash on hand.
• The transaction is expected to close in the fourth quarter of 2022.

For further details see: