Syncona grew net asset value 31% in first half

Life sciences investment fund Syncona saw net asset value increase in first six months of the year, as it confirmed it was on track to meet full-year investment guidance.

The company, which has a portfolio of nine healthcare businesses, said net assets as of 30 September were £1.39bn, which translated into a net asset value (NAV) per share of 208.1p and a total return of 32.5%. NAV six months earlier had stood at £1.06bn or 158.9p per share.

Syncona’s core life sciences portfolio now accounts for 68% of net assets.

The company said: “We continue to see exciting new opportunities in cell and gene therapy, an area we are strategically positioned [in] with a leading platform and deep domain expertise. We believe that the arrival of this new wave of therapies is an important technological shift and will provide the potential to treat previously intractable diseases.”

Syncona reiterated that investment was expected to be at the top end of its guidance of £75m to £150m for the full year, and would be used to fund existing companies as well as adding new businesses to the portfolio.

Chief executive Martin Murphy said: “Our differentiated model of founding, building and funding businesses has continued to gain momentum across the business in the first half. We have delivered excellent financial and operational performance, which has translated into strong NAV progression.”

Shares in Syncona were ahead 2% by late morning in London at 271p.