Syncona to acquire biotechnology company Freeline Therapeutics
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Freeline Therapeutics Holdings plc (Nasdaq: FRLN) today announced that it has entered into a definitive agreement with a newly established portfolio company of Syncona Ltd (LON: SYNC), a leading life science investor focused on creating, building and scaling global leaders in life science, to acquire Freeline in an all-cash transaction. In conjunction with the agreement, Syncona is committing to provide Freeline with up to $15 million in secured convertible debt financing to support operations and continued advancement of FLT201, its gene therapy candidate in Gaucher disease, through completion of the transaction.
Freeline is focused on the development of innovative gene therapies for chronic debilitating diseases. It is currently advancing FLT201 gene therapy [a highly differentiated candidate] in a Phase I/II clinical trial in individuals with Gaucher disease type one. This therapy delivers a new transgene.
Freeline CEO Michael Parini stated: “Given the compelling data that we have seen from the first two patients treated with FLT201, we are committed to advancing FLT201 as expeditiously as possible, and we believe we will be better positioned to do that as a privately held, Syncona-backed company than we could by continuing as a publicly traded company in the current environment.”
“We are encouraged by the data from the FLT201 program and are pleased with how Freeline is executing, but the company needs further funding to continue to drive FLT201 through clinical development,” said Chris Hollowood, CEO of Syncona Investment Management Limited. “
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