LONDON, UK: Syncona Ltd, a leading healthcare company, announced that Blackstone Life Sciences has entered into a strategic collaboration and financing agreement with Syncona portfolio company Autolus Therapeutics.
The key terms of the financing agreement are set out below:
· $250 million transaction: $100 million immediate equity investment and up to $150 million in product financing to support lead obe-cel) programme
· $50 million of product financing is payable on closing of the transaction with the remainder payable based on certain near-term milestones, meaning a total $150 million upfront cash infusion
· Blackstone will appoint a member to the Autolus Board of Directors and will receive a capped mid-single digit royalty based on product revenues generated with worldwide net sales of obe-cel and potential next generation products
Martin Murphy, Chief Executive Officer of Syncona Investment Management Limited, said: “We are delighted that Blackstone are investing in Autolus and remain excited about the obe-cel1 programme as a potentially stand-alone treatment for patients with adult acute lymphoblastic leukaemia (ALL).
We believe the business is well positioned and well-funded to deliver obe-cel data from the ongoing pivotal FELIX study next year alongside progressing its broader pipeline. We believe that obe-cel represents a potentially best-in-class product that could represent a transformational treatment option for adult ALL patients.”