Syncona reports broadly stable net asset value

(Sharecast News) - Syncona reported broadly stable net asset value for the year ended 31 March on Thursday, as gains at Beacon Therapeutics offset weakness elsewhere in its life sciences portfolio, while the healthcare investor reiterated plans to return at least £250m to shareholders.

Net assets fell to £1.04bn from £1.05bn a year earlier, with NAV per share slipping 0.2% to 170.6p.

The FTSE 250 life sciences portfolio increased in value to £839.4m from £765.4m, driven primarily by a £39.6m uplift at Beacon following its oversubscribed $75m Series C fundraising led by Goldman Sachs Alternatives.

That was partly offset by a £10.8m write-down of early-stage drug developer Kesmalea Therapeutics, a £15.1m reduction in the value of the CRT Pioneer Fund and continued share price weakness at Autolus Therapeutics.

The company said 85.7% of its life sciences portfolio is now invested in nine clinical-stage or commercial businesses, including two late-stage clinical companies and one with a marketed product.

During the year, Syncona deployed £80.9m, with 83.7% directed towards clinical and late-stage assets, while maintaining a capital pool of £198.3m to fund future development milestones.

Syncona highlighted four key value inflection points expected before the end of 2026, including Phase III data from Beacon's pivotal trial in X-linked retinitis pigmentosa and Phase IIb results from iOnctura's lead cancer programme.

Management said the portfolio was fully funded to deliver all eight key value inflection points expected through to 2028.

The company also reaffirmed its new investment policy, approved by shareholders in March, which prioritises the return of at least £250m to shareholders through realisations from its maturing portfolio.

Syncona said it intends to consult investors once that target has been met, or by February 2028, with the aim of subsequently returning to building a diversified portfolio of 20 to 25 life sciences companies.

Chair Melanie Gee said the company had made significant strategic progress during the year and confirmed she intends to step down by the 2027 annual general meeting after overseeing the transition to the new investment strategy.

At 1040 BST, shares in Syncona were up 0.72% at 97.7p.

Reporting by Josh White for Sharecast.com.

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