|
Syncona Ltd on Thursday reported a lower net asset value per share at the end of March amid a ‘challenging’ backdrop for the biotechnology companies, citing inflation and economic uncertainty. The healthcare investor announced a net asset value per share of 186.5 pence as at March 31, down from 194.4p at the same time a year prior. Its total NAV return in the financial year that ended March 31 was negative 4.1%, compared to positive 0.3% the year prior. The company’s life science portfolio is valued at £604.6 million as of March 31, up 15% from £524.9 million a year prior. Syncona said its performance had been driven by the continued share price declines of its listed holdings, which it said partially reflected the wider market backdrop for biotech companies and the write down of its valuation of SwanBio. Syncona has written down its holding in SwanBio to £58.2 million, a £51.0 million decline in value during the year. Looking ahead, the company said that the UK life science landscape ‘remains exciting and provides a rich set of opportunities,’ noting UK government support for the sector. Syncona shares were 2.6% lower at 150.60 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
