Syncona completes tender offer, acquisition of Applied Genetic Technologies

Applied Genetic Technologies announced the successful completion of the previously announced tender offer to purchase all of the issued and outstanding shares of common stock of AGTC by a portfolio company of Syncona. The Offer, as extended, expired at 5:00 p.m., Eastern Time, on November 30, 2022, and the acquisition was completed through a merger under Section 251(h) of the General Corporation Law of the State of Delaware. Pursuant to the terms of the definitive merger agreement, AGTC stockholders are entitled to receive $0.34 per share in cash at closing, plus up to an additional $0.73 per share payable pursuant to contingent value rights upon the achievement of specified milestones. As a result of the merger, AGTC has become an indirect, wholly owned subsidiary of Syncona Limited. In the merger, each share of AGTC was cancelled and converted into the right to receive the same consideration, without interest, less any applicable withholding taxes, that was paid in the Offer. As of November 30, 2022, the common stock of AGTC will no longer be listed for trading on the Nasdaq Global Stock Market.