Syncona extends tender offer to acquire Applied Genetic Technologies

Applied Genetic Technologies Corporation announced that a portfolio company of Syncona Limited has extended the expiration of its previously announced tender offer to purchase all of the issued and outstanding shares of AGTC common stock for $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. The tender offer has been extended until 5:00 p.m., Eastern Time, on November 30, 2022. The tender offer was previously scheduled to expire at 5:00 p.m., Eastern Time, on November 28, 2022. All other terms and conditions of the tender offer remain unchanged during the extension period. The tender offer is being extended in order to allow additional time for shareholders to tender their shares and for shares tendered by notice of guaranteed delivery to be received. Computershare Trust Company, N.A., the depositary for the offer, has advised that as of 5:00 p.m., Eastern Time, on November 28, 2022, 30,947,430 shares of AGTC, representing approximately 45.1% of the issued and outstanding shares of common stock and restricted stock units, have been validly tendered and not validly withdrawn pursuant to the Offer. Additionally, the depositary has advised that an additional 4,627,261 shares had been tendered by notice of guaranteed delivery, representing approximately 6.7% of AGTC’s issued and outstanding shares of common stock and restricted stock units. Holders that have previously tendered their shares do not need to re-tender their shares or take any other action in response to this extension. Complete terms and conditions of the tender offer are set forth in the Offer to Purchase, Letter of Transmittal and other related materials, which have been filed by Syncona Limited with the Securities and Exchange Commission and sent to shareholders. In addition, AGTC filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC that includes, among other things, the recommendation of AGTC’s board of directors that AGTC stockholders tender all their shares in the tender offer.