LONDON: Syncona Ltd, a leading life science investor, announced Monday that its portfolio company, Achilles Therapeutics plc, has recommended a members’ solvent voluntary liquidation to return capital to shareholders.
The decision follows a review by the Achilles Board, which determined the move to be in the best interests of the company and its shareholders.
Achilles Therapeutics, a biotechnology firm focused on developing personalized cancer therapies, will present the proposal to shareholders at a general meeting scheduled for 2:00 p.m. GMT on March 20.
If approved, the liquidation process is expected to return approximately £1.20 to £1.32 per share ($1.50 to $1.66 per share) to ordinary shareholders. The initial distribution of funds is anticipated to occur within six to eight weeks after the meeting.
Syncona, which holds 11,086,909 American Depositary Shares (ADSs) in Achilles, representing an equivalent number of ordinary shares, stated that its holding value in Achilles was £8.5 million as of Sept. 30, 2024. This represents 0.7% of Syncona’s net asset value.
The voluntary liquidation marks a significant development for Achilles, which has been working to advance its pipeline of T-cell therapies targeting solid tumors. Syncona, known for its focus on creating and scaling global leaders in life sciences, has been a key investor in Achilles since its inception.