Syncona
Limited
Creation
of Spur Therapeutics
17 June 2024
· Freeline acquires SwanBio to create a new company, Spur
Therapeutics, combining two of Syncona's clinical-stage portfolio
companies
· Spur is now progressing two potentially first-in-class gene
therapy assets through clinical trials and advancing a pipeline
that moves beyond rare diseases into more prevalent conditions,
starting with Parkinson's disease
· The
acquisition strengthens Spur's growing focus on CNS diseases,
adding key capabilities alongside SwanBio's clinical-stage AMN
programme
·
The combined business will be
led by Freeline's management team
· The
acquisition has taken place at the portfolio companies' holding
valuations, resulting in a combined valuation of approximately
£104.7 million[1]
· Syncona has committed a further £40 million to Spur to support
the development of its expanded pipeline
Syncona Ltd, a leading life science
investor focused on creating, building and scaling global leaders
in life science, today announces that Freeline Therapeutics
(Freeline) has acquired SwanBio Therapeutics (SwanBio). The
acquisition creates a new company, Spur Therapeutics (Spur), and
combines two of Syncona's clinical-stage portfolio companies,
representing a significant opportunity to deliver two
first-in-class gene therapies and advance a pipeline targeting more
prevalent chronic debilitating diseases. Syncona will own 99% of
the combined company (a holding value of £104.7
million).
In line with Syncona's strategic
focus on allocating capital to clinical opportunities across the
portfolio and assets that are approaching clinical entry, the
creation of Spur creates a consolidated adeno-associated virus
(AAV) gene therapy pipeline with significant opportunity. The
acquisition will provide a broadened clinical pipeline and will
strengthen Spur's central nervous system (CNS) capabilities to
further enable its move into Parkinson's disease. It will also
bring synergies around clinical capabilities and manufacturing
know-how, as well as drive cost and operating
efficiencies.
Spur's lead gene therapy candidate
is FLT201 for the treatment of Gaucher disease Type 1, a lysosomal
storage disorder for which there is currently no cure. FLT201 is in
a Phase I/II clinical trial, and the company has published
encouraging data to date. Its newly acquired gene therapy
programme, SBT101, is in a Phase I/II clinical trial for the
treatment of adrenomyeloneuropathy (AMN), a CNS disorder for which
there is currently no approved treatment.
The acquisition will further bolster
Spur's growing focus on CNS disorders, including its pre-clinical
Parkinson's disease research programme, where a development
candidate is expected to be selected in H2 CY2024. Additional data
from Spur's Phase I/II Gaucher disease programme is expected in H2
CY2024, and the company expects to initiate a Phase III trial in
this indication in CY2025. An initial safety readout from the
higher dose cohort in the Phase I/II trial in AMN is expected in H1
CY2025.
The new company will be led by
Freeline CEO Michael Parini and will benefit from the world-class
leadership of the broader Freeline management team, who are now
focused on driving forward two potentially first-in-class gene
therapy assets towards late-stage development and advancing a
research strategy to move gene therapy into more prevalent
diseases. As part of the transaction, SwanBio Executive Chair and
Syncona Executive Partner John Tsai will join the Board of
Spur.
The acquisition has taken place at
the portfolio companies' holding valuations, resulting in a
combined valuation of approximately £104.7 million. Alongside the
acquisition, Syncona has committed a further £40 million in
financing for the company to support the development of its
expanded pipeline.
Chris Hollowood, CEO of Syncona
Investment Management Limited and Chair of
Spur, said: "The creation of Spur is a
compelling opportunity to bring together two highly complementary
companies progressing gene therapies which address debilitating
diseases, whilst supporting a broader pipeline in more prevalent
disorders. This is a further example of the proactive action being
taken within the Syncona portfolio to prioritise capital and
resources towards clinical-stage assets whilst exploring
consolidations to drive combined strength. We look forward to
working alongside the management team of Spur on its future plans
for the company, including the delivery of further data from both
the Gaucher disease and AMN programmes and its growing focus on CNS
diseases."
[ENDS]
Enquiries
Syncona Ltd
Natalie Garland-Collins / Fergus
Witt
Tel: +44 (0) 20 3981 7940
FTI Consulting
Ben Atwell / Tim Stamper
Tel: +44 (0) 20 3727
1000
About Syncona
Syncona's purpose is to invest to
extend and enhance human life. We do this by creating and building
companies to deliver transformational treatments to patients in
areas of high unmet need.
Our strategy is to create, build and
scale companies around exceptional science to create a diversified
portfolio of 20-25 globally leading healthcare businesses, across
development stage and therapeutic areas, for the benefit of all our
stakeholders. We focus on developing treatments for patients by
working in close partnership with world-class academic founders and
management teams. Our balance sheet underpins our strategy enabling
us to take a long-term view as we look to improve the lives of
patients with no or poor treatment options, build sustainable life
science companies and deliver strong risk-adjusted returns to
shareholders.
Copies of this press release and
other corporate information can be found on the company website
at: www.synconaltd.com. Forward-looking
statements - this announcement contains certain forward-looking
statements with respect to the portfolio of investments
of Syncona Limited. These statements and forecasts involve
risk and uncertainty because they relate to events and depend upon
circumstances that may or may not occur in the future. There are a
number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements. In particular, many companies in
the Syncona Limited portfolio are conducting scientific
research and clinical trials where the outcome is inherently
uncertain and there is significant risk of negative results or
adverse events arising. In addition, many companies in
the Syncona Limited portfolio have yet to commercialise a
product and their ability to do so may be affected by operational,
commercial and other risks.
Syncona Limited seeks to
achieve returns over the long term. Investors should seek to ensure
they understand the risks and opportunities of an investment
in Syncona Limited, including the information in our published
documentation, before investing.
About Spur Therapeutics
Spur Therapeutics is a
clinical-stage biotechnology company focused on
developing life-changing gene therapies for debilitating chronic
conditions. By optimizing every component of its product
candidates, Spur aims to unlock the true potential of gene therapy
to realize outsized clinical results. Spur is advancing a
breakthrough gene therapy candidate for Gaucher disease and a
potential first-in-class gene therapy candidate for adrenomyeloneuropathy, as well as a research strategy
to move gene therapy into more prevalent diseases, including forms
of Parkinson's, dementia, and cardiovascular disease. Expanding our
impact, and advancing the practice of genetic medicine.
Toward life-changing therapies, and
brighter futures. Toward More™
For more information, visit
www.spurtherapeutics.com
or connect with Spur on LinkedIn.