Syncona gets boost in full-year from life science portfolio

(Alliance News) - Syncona Ltd on Thursday reported an annual jump in asset value, pushed up by its life science portfolio.

The life sciences investor reported net assets of GBP1.30 billion as at the end of March, up 4.3% from GBP1.25 billion a year ago.

Accordingly, its net asset value per share rose to 193.8p from 185.6p and its NAV total return for the year was 4.4%, a comeback after a decline of 13% for the 2020 financial year.

Performance was driven by the life science portfolio, as its value jumped 51% to GBP722.1 million from GBP479.5 million a year prior.

Syncona's profit for the year ended March 31 was GBP53.2 million, swinging from a loss of GBP195.6 million a year ago. It booked total gains of GBP58.6 million for the year, compared with losses of GBP203.0 million.

Having deployed GBP189.2 million in the recently ended year, it expects to invest around GBP100 million to GBP175 million in the year ahead.

"This covers our existing portfolio companies with several set to enter the clinic and continue to progress their programmes through clinical development. In addition, it also covers the foundation of new companies as we seek exciting new opportunities across a range of therapeutic areas," said Syncona.

Separately, the firm on Thursday said Syncona Investment Management Ltd Chief Financial Officer John Bradshaw is retiring. He will be replaced by Rolf Soderstrom, who was recently CFO at BTG PLC.

Syncona Investment Management is Syncona Ltd's investment manager.

Bradshaw will retire at the end of July, having been with the Syncona life science business since its inception in 2012. Soderstrom will join as CFO on July 19, bringing over 30 years' experience in finance with him.

As a result of his appointment at Syncona, Soderstrom will step down from the board of pharmaceutical services firm Ergomed PLC.

Syncona shares were up 0.4% at 215.95p in London early Thursday. Ergomed shares were down 1.5% at 1,281.05p.

By Lucy Heming; lucyheming@alliancenews.com

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