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Genomic Biopharma

Dante Genomics creates separate drug discovery and development company Genomic Biopharma Inc.

– Genomic Biopharma Inc. to present abstracts on two drug candidate programs at the 2022 American Society of Human Genetics (ASHG) Annual Meeting –

NEW YORK, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Dante Genomics, a global leader in genomics and precision medicine, today announced the creation of Genomic Biopharma Inc., a separate drug discovery and development company to distinguish the separate business streams of each entity. Genomic Biopharma Inc. will present two abstracts on two drug programs at the 2022 American Society of Human Genetics (ASHG) Annual Meeting, the first of which is a top scoring abstract at the meeting titled:

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Syncona

Syncona to acquire Applied Genetic Technologies Corporation (AGTC)

  • A newly established portfolio company of Syncona Limited will commence a tender offer to acquire all outstanding shares of AGTC for $0.34 per share, valuing AGTC at approximately $23.5 million (£20.8 million[1]), plus the potential for up to an additional $50.0 million (up to $0.73 per share) in contingent value rights in the event certain milestones are achieved
  • Acquisition includes AGTC’s lead candidate, AGTC-501, a potentially best-in-class, adeno-associated virus (AAV) gene therapy for X-linked retinitis pigmentosa (XLRP), currently in late-stage clinical development 
  • If the transaction is completed, AGTC will be Syncona’s third company focused on retinal gene therapy, following Nightstar and Gyroscope, and will benefit from Syncona’s significant expertise and strategic insight in the field 
  • Syncona and AGTC will host a conference call on October 24, 2022 at 7:30 a.m. ET, 12:30 p.m. BST

Syncona Limited, a leading healthcare company focused on founding, building and funding global leaders in life science, today announces that its newly established portfolio company has agreed to acquire, by a tender offer, all outstanding shares of Applied Genetic Technologies Corporation ("AGTC") (Nasdaq: AGTC), a clinical-stage biotechnology company focused on the development and commercialisation of adeno-associated virus (AAV)-based gene therapies for the treatment of rare and debilitating diseases with an initial focus on inherited retinal diseases (IRDs) for approximately $23.5 million ($0.34 per share) in cash, an approximately 42% premium to the AGTC closing share price on 21 October 2022. The transaction also includes the potential for up to an additional $50.0 million (up to $0.73 per share) in contingent value rights to AGTC’s stockholders in the event certain milestones related to transactions involving AGTC’s assets and regulatory and commercial milestones related to AGTC’s products are achieved. The board of directors of AGTC unanimously recommends that the stockholders of AGTC tender their shares in the tender offer once it is commenced.  The closing of the tender offer is subject to the tendering by AGTC’s stockholders of a majority of AGTC’s outstanding shares.

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