Autolus prices US initial public offering
Woodford Patient Capital Trust plc
Autolus prices US initial public offering
LONDON, 22 June 2018
Woodford Patient Capital Trust plc (WPCT) notes that its portfolio company, Autolus Therapeutics plc ("Autolus"), has today announced the pricing of its initial public offering ("IPO") in the United States of 8,823,530 American Depositary Shares ("ADSs") representing 8,823,530 ordinary shares, at an IPO price of $17.00 per ADS for total gross proceeds of approximately $150 million (£114 million[1]). Each ADS represents one ordinary share of Autolus.
The aggregrate value of Autolus ordinary shares held by WPCT has been increased by 51% to $104.7 million, equivalent to the IPO price of $17.00 per ADS. This represents an increase of 3.2p per share of WPCT compared to the NAV published on Thursday 21 June 2018, based on a $/£ rate of 1.32. This will be reflected in the WPCT NAV of Friday 22 June 2018, that will be published on Monday 25 June 2018.
All ADSs sold in the IPO were offered by Autolus. The ADSs are expected to begin trading on The Nasdaq Global Select Market on June 22, 2018 under the ticker symbol "AUTL."
Following the IPO, WPCT will retain a stake of 15.9% in Autolus (amounting to 6,156,544 ordinary shares).
This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
The securities referred to in this announcement are to be offered only by means of a prospectus. When available, copies of the prospectus can be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at +1 866 471 2526 or by email at prospectusgroup-ny@ny.email.gs.com; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at + 1 877 821 7388, or by email at Prospectus_Department@Jefferies.com . For the avoidance of doubt, such prospectus will not constitute a "prospectus" for the purposes of Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in each relevant EU member state) and will not have been reviewed by any competent authority in any EU member state.
For further information, please contact:
Four Broadgate
Roland Cross / Jonathan Atkins
020 3697 4200
woodfordfourbroadgate.com
Notes to editors:
Forward-looking statements - this announcement contains certain forward-looking statements with respect to the portfolio of investments of WPCT. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. Nothing in this announcement should be construed as a profit forecast.
About Autolus:
Autolus is a biopharmaceutical company developing next-generation programmed T cell therapies for the treatment of cancer.
About Woodford Investment Management:
Woodford Investment Management Limited is an asset management company built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has more than £13bn assets under management and advice.
Woodford Investment Management Ltd
9400 Garsington Road Oxford OX4 2HN
+44 (0)1865 809 000
info@woodfordfunds.com
Authorised and regulated by the Financial Conduct Authority
Registered in England and Wales. Number 10118169
ENDS
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