A cross-disciplinary team of Foley Hoag LLP lawyers represented long-time firm client Applied Genetic Technologies Corporation (Nasdaq: AGTC) (“AGTC”), a clinical-stage biotechnology company focused on the development and commercialization of adeno-associated virus (AAV)-based gene therapies for the treatment of rare and debilitating diseases with an initial focus on inherited retinal diseases, in its sale to a portfolio company of Syncona Limited (LON: SYNC), a leading healthcare company. In connection with the tender offer and merger, AGTC stockholders received $23.5 million ($0.34 per share) in cash at closing and the right to receive up to an additional $0.73 per share payable pursuant to contingent value rights (CVRs) upon the achievement of specified milestones.
AGTC develops genetic therapies for people with rare and debilitating ophthalmic, otologic and central nervous system (CNS) diseases. AGTC is designing and constructing critical gene therapy elements and bringing them together to develop customized therapies with the potential to address unmet patient needs.
Foley Hoag attorneys Stacie Aarestad, Ryan Rourke Reed, Daniel Clevenger, Hemmie Chang, Caroline Samp, Rayanna Smith, Ward Paschal, Yuliya Kozachenko, Marc Nawyn, Areta Kupchyk, Nicholas Romanos, Adam Kahn, Christopher Feudo, Jeffrey Ganguly, Michael Rosen and Matthew Baltay represented AGTC in the sale.
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