Syncona reaps tenfold return from Blue Earth exit

Returns from the sale of Blue Earth Diagnostics for $450 million will allow majority shareholder Syncona to reinvest in its maturing portfolio companies as they scale, and will also drive new company launches, the firm's CEO Martin Murphy told BioCentury.

Bracco Imaging S.p.A. (Milan, Italy) is acquiring Blue Earth Diagnostics Ltd. (London, U.K.), a prostate cancer diagnostics company Syncona Ltd. (LSE:SYNC) founded in 2014. Syncona said Thursday it holds an 89% stake in Blue Earth, and expects a net return of £337 million ($428.9 million). Bracco said the deal includes a closing adjustment of $25 million...