Syncona returns rise on life science progress

Syncona generated shareholder returns of more than 16% in the first half as the value of its life science portfolio increased.

The investment company’s net assets increased to £1.03bn at the end of September from £901.3m at the end of March. Net assets were 156.4p a share, generating a 16.7% total return.

Performance was driven by a 50.6% return from Syncona’s life science portfolio after successful financings for Nightstar, which focuses on treating inherited blindness, and Autolus, which develops cancer treatments.

Syncona invests in life sciences and has seven businesses in its portfolio. It was formed in December 2016 when BACIT, a fund of funds investor in cancer treatments, acquired Syncona Partners from Wellcome Trust. Wellcome founded Syncona in 2012 to supply patient capital to life sciences research.

Martin Murphy, Syncona’s chief executive, said, "Syncona has made significant progress in the first half and delivered strong net asset value progression. We have demonstrated the benefit of a differentiated model that enables us to draw from a deep pool of productively deployed capital to make investments in our focused life sciences portfolio.

"Looking ahead, 2018 will be an important year as a number of our portfolio companies enter or progress clinical trials and seek to deliver other important milestones."