Upfront cash payment of $0.34 per share, representing a premium of approximately 42% over AGTC’s closing share price on October 21, 2022

Total consideration of up to $1.07, including up to $0.73 per CVR, representing a premium of up to approximately 344% over the closing price of AGTC’s shares on October 21, 2022

AGTC’s Board of Directors has reviewed all alternative options for AGTC’s future and believe this transaction clearly offers the best value for shareholders

Given the state of the equity and other financing markets, AGTC sees significant challenges in funding ongoing operations beyond 2022

Syncona and AGTC will host a conference call on October 24, 2022 at 7:30 am ET

GAINESVILLE, Fla. and CAMBRIDGE, Mass., Oct. 23, 2022 (GLOBE NEWSWIRE) — Applied Genetic Technologies Corporation AGTCa clinical-stage biotechnology company focused on the development and commercialization of adeno-associated virus (AAV)-based gene therapies to treat rare and debilitating diseases, initially targeting hereditary retinal diseases (IRDs), announced today entered into a definitive agreement pursuant to which a newly formed portfolio company of Syncona Limited SYNCHRONOUS, a leading healthcare company focused on founding, growing and financing world leaders in life sciences, will acquire AGTC in a tender offer for approximately $23.5 million ($0.34 per share ) in cash upon closing of the transaction plus potential future cash payments of up to $50.0 million (up to $0.73 per share) pursuant to Contingent Value Rights (CVRs). The Board of Directors of AGTC unanimously recommends that AGTC shareholders tender their shares in the tender offer once it has commenced.

“This transaction represents an attractive upfront cash offer to shareholders at a premium of approximately 42% to the current share price, with the potential to receive future upside potential based on the clinical success of XLRP and other pipeline assets through CVRs,” said dr Scott King, …