|
Syncona Ltd on Thursday reported a flat annual performance for net asset value, with upside from Beacon Therapeutics PLC offset by write-downs elsewhere. The London-based investor in life science companies said its NAV per share edged down to 170.6 pence on March 31 from 170.9p a year before. The life science portfolio was valued at £839.4 million at March 31, up 9.7% from £765.4 million a year prior, primarily driven by the write up of Beacon Therapeutics following its Series C financing. This was offset by the partial write downs of pre-clinical company, Kesmalea Therapeutics Ltd and CRT Pioneer Fund, alongside continued volatility in the share price of Autolus Therapeutics PLC, Syncona said. ‘Syncona’s portfolio delivered a stable financial performance, supported by good clinical and operational developments. We are cautiously optimistic about the outlook for the biotech markets and have been pleased to see an uptick in pharma M&A,’ said Chair Melanie Gee. Gee plans to step down as chair after the 2026 annual general meeting, which in the past has been held in August. Syncona said Gee is departing after having worked on a new investment policy, which was approved in March. A search for her successor will start in ‘due course’, it said. Under the new policy, Syncona aims to return £250 million to shareholders, and the structure of future capital returns may include a tender offer, share buyback programme or special dividend. In the financial year ended March 31, Syncona did not declare or pay a dividend, unchanged from the year financial year before. As a consequence of the new investment policy, the board will no longer seek to achieve its previously published 2032 targets, including the ambition to grow assets to £5 billion by 2032 and create three new companies per annum. Shares in Syncona were up 0.7% to 97.70 pence each in London on Thursday. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
