Freeline Therapeutics Agrees to Buyout by Syncona

Dow Jones2023-11-22

By Colin Kellaher

Freeline Therapeutics Holdings has agreed to be acquired by majority shareholder Syncona in a deal that values the clinical-stage biotechnology company at about $28.3 million.

Freeline on Wednesday said a newly established portfolio company of life-science investor Syncona will pay $6.50 apiece for the Freeline American depositary shares Syncona doesn't already own.

The deal represents a 12% premium to Tuesday's closing price of $5.78 for Freeline and a more than 50% premium to the U.K. company's closing price on Oct. 17, before Syncona unveiled an initial bid of $5 per ADS.

Syncona currently owns nearly 58% of Freeline, which said it expects the takeover to close in the first quarter of 2024.

Trading in Freeline ADSs was halted premarket Wednesday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 22, 2023 07:46 ET (12:46 GMT)

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