SYNPROMICS, an Edinburgh-based gene and cell therapy technology company, has been bought by AskBio, the US-based gene therapeutics pioneer.
Both AskBio and Synpromics focus on the development of gene therapeutics for rare genetic diseases and Synpromics’ technology applications include the potential for the treatment of conditions such as haemophilia, liver and heart disease.
The companies said AskBio’s gene therapeutics platform combined with Synpromics technology will provide increased efficacy, safety and control of gene therapeutics moving forward.
READ MORE: Funding boost for pioneering biotech firm Synpromics
Synpromics, which employs 40 people, will remain headquartered in Edinburgh, where it was founded in 2010.
Calculus Capital, which first invested in Synpromics in 2015 and invested £5.6 million into the company in total, will receive a return on investment that “significantly exceeds target returns”, it said.
John Glencross, chief executive of Calculus Capital, said: “Synpromics is an amazing company and the possibilities to help millions of people with genetic disease are only enhanced by these two great companies now working together.”
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David Venables, chief executive of Synpromics, said: “Without Calculus, we could not have increased R&D, added employees or entered into discussions with AskBio to broaden the impact of our combined technologies.”
Kerry Sharp, director of the Scottish Investment Bank, said: “We have supported Synpromics over a number of years having first invested in the company in 2013, during which time the business has grown steadily.
“The acquisition by AskBio represents a strong return on investment for Scottish Enterprise and brings with it opportunities for the growth of Synpromics in Scotland. We look forward to building a strong, strategic relationship with AskBio to support its business in Scotland.”
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