But a licensing deal with CSL could have underappreciated benefits, even if expectations were for something much bigger.
Despite the recent flurry of gene therapy deals there is still a fairly extensive list of affordable companies out there.
Syncona might have hoped for a bigger payday with the prostate imaging specialist, but it has plenty more irons in the fire.
In the race to develop a haemophilia B gene therapy Uniqure now has the upper hand.
The private UK group could steal the thunder of rivals like Spark, Uniqure and Biomarin.
Private drug developers raised a record $8.5bn in the first half of 2018, amid a surge in mega rounds.