Applied Genetic Technologies Corporation

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Ademi LLP is investigating AGTC (NASDAQ: AGTC) for possible breaches of fiduciary duty and other violations of law in its transaction with Syncona Limited.

Ademi LLP alleges AGTC’s financial outlook and prospects are excellent and yet AGTC holders will receive only approximately $0.34 per share in cash at the closing of the transaction plus potential future aggregate cash payments of up to $0.73 per share pursuant to contingent value rights. The transaction agreement unreasonably limits competing bids for AGTC by imposing a significant penalty if AGTC accepts a superior bid. AGTC insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of AGTC’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for AGTC.