Markets

Syncona To Buy Applied Genetic Technologies

October 23, 2022 — 11:05 pm EDT

Written by RTTNews.com for RTTNews

(RTTNews) - 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.

RTTNews
Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.
More articles by this source

Tags

Markets
Stocks Mentioned

Latest Articles
Data is currently not available