Syncona Investment Management Limited has submitted a non-binding proposal to acquire remaining 42.08% stake in Freeline Therapeutics Holdings plc (NasdaqCM:FRLN) for on Ocrober 18, 2023. Under the terms of agreement, Syncona will acquire the entire share capital not already owned by Syncona for an upfront cash payment of $5 per American Depositary Share. Syncona expects that a special committee of Independent Directors of Freeline appointed by the Freeline board, and advised by independent legal and financial advisors, will consider the proposal.

Chris Hollowood, who is Chief Executive Officer of Syncona Investment Management Limited, and a current member of the Freeline board, will not sit on the committee. Leerink Partners LLC acted as financial advisor to Freeline Therapeutics in the transaction.