Scaling
for growth
SYNCONA LIMITED
ANNUAL REPORT AND ACCOUNTS 2023
SYNCONA LIMITED ANNUAL REPORT AND ACCOUNTS 2023
Our purpose is to
invest to extend and
enhance human life
Earlier this financial year, we set
out an ambitious plan to organically
scale the business to £5 billion
of net assets within 10 years.
At the heart of this is improving
shareholder returns. Growing the
asset base will allow us to operate
our model at scale, driving balance
sheet eiciency and enabling
enhanced risk-adjusted returns.
Navigating our companies through the clinical
pathway to late-stage where we believe
significant value can be accessed is particularly
important in the current environment. In the
short term, however, it is important that our
strategy addresses the near-term challenges
from the macroeconomic environment where
there have been dramatic changes to the cost
and access to capital. We have undertaken a
thorough review of the portfolio focusing our
portfolio companies’ pipelines on the most
promising advanced assets, widening financing
syndicates and executing on strategic
transactions. We believe these steps balance
the need to focus Syncona’s capital on the
assets with the potential to drive attractive
risk-adjusted returns, reach late-stage
development and deliver near-term growth.
We will continue to grow the portfolio through
the addition of the next wave of cutting-edge
biotech companies which will drive the
forefront of the industry in the future.
Whilst we expect conditions to improve over the
medium term with valuations already improving
for late-stage assets, we have taken decisive
action across the portfolio to navigate the current
period, take advantage of these conditions where
possible and build a wave of new companies
to drive longer term sustainable growth.
However, the action taken across the
portfolio, coupled with the challenging market
environment has contributed to a reduction in
net assets, with our listed companies’ share
prices declining and SwanBio being partially
written down.
More broadly, however, we have seen positive
progress across the portfolio with 16 clinical
data read-outs, seven financings, and a further
three post-period end, including one significant
pharma investment. Syncona’s portfolio is
increasingly diversified with a number of
near-term value drivers, particularly from
our late clinical stage companies.
I am also pleased with the changes we
have made to our organisational structure
and the corresponding expansion of the team.
The proactive approach we have taken to
portfolio management combined with these
improvements will provide increased resilience
in the current market conditions as well as
a platform to drive growth. We believe our
focus on building companies to late-stage
development alongside our balance sheet
strength will ultimately enable us to deliver
strong risk-adjusted returns for our
shareholders over the long term, driving
transformational impact for patients.
2023 PERFORMANCE
synconaltd.com
STRATEGIC REPORT
1 Financial highlights
2 At a glance
4 Chair’s statement
6 Chief Executive Officer’s statement
10 Our value creation model
12 Our value creation model in action
18 Our purpose and strategy
20 Our investment process
22 Market review
26 Portfolio review
36 Financial overview
38 Key performance indicators
40 Engaging with our stakeholders
44 Our people and culture
48 Sustainability review
62 TCFD report
66 Risk management
69 Principal risks and uncertainties
75 Viability statement
GOVERNANCE
76 Corporate governance report
80 Board of Directors
82 Report of the Nomination
and Governance Committee
86 Report of the Audit Committee
90 Report of the Remuneration
Committee
96 Directors’ report
99 Statement of Directors’
responsibilities
FINANCIAL STATEMENTS
100 Independent Auditor’s report
106 Unaudited Group portfolio statement
107 Consolidated statement
of comprehensive income
108 Consolidated statement
of financial position
109 Consolidated statement of
changes in net assets attributable
to holders of Ordinary Shares
110 Consolidated statement
of cash flows
111 Notes to the consolidated
financial statements
SHAREHOLDER INFORMATION
135 AIFMD Disclosures (unaudited)
136 Report of the Depositary
to the shareholders
137 Company summary and
e-communications for shareholders
138 Glossary
140 Alternative performance measures
141 Advisers
Create Build Scale
Our vision is to unlock the potential from truly
innovative science to transform patients’ lives
Our strategy is to create, build and scale companies around
exceptional science to create a diversified portfolio of 20-25 globally
leading life science businesses, across development stage,
modality and therapeutic areas, for the benefit of all our stakeholders.
We focus on developing treatments for patients by working in close
partnership with world-class academic founders and management
teams. Our capital pool underpins our strategy, enabling us to take
a long-term view as we look to improve the lives of patients with no
or poor treatment options, build sustainable life science companies
and deliver strong risk-adjusted returns to shareholders.
Chris Hollowood
Chief Executive Officer
Syncona Investment Management Limited
1. Alternative performance measure, please refer to page 140.
2. Fully diluted, please refer to note 14 in the financial statements on page 122.
3. Please see glossary on page 138 for definition.
£1.3bn
Net Asset Value (NAV)
(186.5p
1,2
per share)
(2022: £1.3bn; 194.4p per share)
(4.1)%
NAV return
1
(2022: 0.3%)
£604.6m
Life science portfolio valuation
(2022: £524.9m)
£650.1m
Capital pool
3
(2022: £784.9m)
£177.2m
Capital deployment
1
(2022: £123.2m)
FINANCIAL HIGHLIGHTS
1SYNCONA LIMITED ANNUAL REPORT AND ACCOUNTS 2023
STRATEGIC REPORT
A highly skilled team, an increasingly diversified portfolio, a permanent capital structure
combined with a long-term approach and commitment to responsible investing.
CLINICAL COMPANIES
Achilles Therapeutics
Anaveon
SwanBio Therapeutics
Freeline Therapeutics
Quell Therapeutics
PRECLINICAL COMPANIES
Resolution Therapeutics
Purespring Therapeutics
Clade Therapeutics
OMass Therapeutics
Mosaic Therapeutics
Kesmalea Therapeutics
LATE CLINICAL COMPANIES
Autolus Therapeutics
Beacon Therapeutics
BEST IDEAS PRECLINICAL CLINICAL LATE CLINICAL BLA
Syncona investment point.
Our strategy, team and balance sheet position us to take
advantage of a compelling market opportunity centred
on delivering products to late-stage development.
AT A GLANCE
What sets us apart
Our multi-disciplinary team has a
technical skill-set with deep scientific,
investment and operational expertise.
We have significant experience in
managing risk and reward in a specialised
asset class. To date our four exits
have generated proceeds of £948 million,
a 4.3x multiple of cost.
170
Years of life science and investing
experience in the investment team
We have a balance sheet structure
which provides us with the flexibility to
fund our companies from foundation to
late-stage development – connecting
science with its full value potential.
Whilst we will bring in co-investors
alongside us to diversify financial risk,
our ability to fund over the long term
helps to attract the best academics,
founders, executives and financing
syndicate partners. It also helps
provide a strong negotiating position
for financing rounds or M&A.
£650.1m
In the capital pool
Our capital pool
We are committed to managing
our business in a sustainable way,
investing responsibly and supporting our
portfolio companies in making positive
contributions to society by developing
treatments that will make a difference to
the lives of patients and their families.
A commitment to
making a positive impact
and responsible investing
A multi-disciplinary team
with a strong track record
Our strategic portfolio is made up
of 13 leading life science companies,
all built with product-focused
strategies where we believe there
is an opportunity to make a
difference to the lives of patients.
Our strategic portfolio
7/13
Portfolio companies
at clinical stage
P26
P44 P36 P48
2 SYNCONA LIMITED ANNUAL REPORT AND ACCOUNTS 2023
This year we outlined our plan to scale Syncona over the next 10 years, setting out our
new long-term targets. Our ambition to organically grow net assets to £5 billion by 2032
reflects the potential returns available from a maturing and expanded portfolio.
Our ambition
by 2032
Our roadmap to organically grow net assets to £5 billion by 2032
P18
A long-term strategy
A dierentiated value creation model
P10
We create, build and scale
companies that can make a
real difference in people’s lives
by providing transformational
treatments in areas of high
unmet medical need.
Create
companies around
exceptional science
Build
our companies by taking
a hands-on partnership
approach
Scale
our companies over
the long term, leveraging
our capital pool and
relationships with
strategic co-investors
£1.1bn
Deployed since 2012
Our strategy is to create
a diversified portfolio of
20-25 leading life science
businesses. We believe that
significant value in our asset
class can be accessed
by delivering companies
to late-stage development.
£5bn
net assets
Delivered through
our long-term
growth targets
22
Syncona portfolio companies
since 2012 foundation
13
Number of companies
in the portfolio today
14
Clinical trials across Syncona
portfolio
Building global
leaders today
3
New companies
created p.a.
20-25
Portfolio of leading life
science companies
3-5
Companies in which we retain
a significant ownership position
to late-stage development
10-year rolling
targets
3SYNCONA LIMITED ANNUAL REPORT AND ACCOUNTS 2023
STRATEGIC REPORT
The last year has seen a series of significant
economic and geopolitical events, including
the Russia and Ukraine conflict, that have
led to a very challenging global economic
environment. We have seen increased
inflation with Central Banks weighing up
difficult decisions on raising interest rates
and significant valuation moves across
several sectors leading to increased volatility
across global markets. The widespread
economic uncertainty has had a substantial
impact on the biotech space and we have
seen a dramatic change to both valuations
and the cost of capital in the sector in which
we operate. We have seen the impact of
this macro backdrop on our listed holdings
and have also seen challenging financing
conditions across the market for early-stage
biotech companies.
It is against this backdrop that Syncona
initiated a review of its strategy, conducted
by the Syncona team in partnership with the
Board, announcing our evolved approach
at our Interim Results last November. We
believe the changes we are in the process
of implementing will enable the Company to
increase its resilience to challenging market
conditions, help our portfolio companies
to navigate their complex, high-risk
development pathways successfully, grow
the portfolio to provide better diversification
and thereby improve shareholder returns
over time. The team have made a good
start embedding these changes and the
Board looks forward to seeing further
progress in the coming financial year.
FINANCIAL PERFORMANCE
Syncona ended the year with net assets
of £1,254.7 million or 186.5p per share, a
(4.1)% return in the year (31 March 2022:
net assets of £1,309.8 million, NAV per
share of 194.4p, 0.3% return). Performance
has been driven by the continued share
price declines of our listed holdings which
partially reflected the wider market
backdrop for biotech companies and the
write down of our valuation of SwanBio,
which outweighed the positive impact of
foreign exchange and uplifts elsewhere in
the portfolio. The Syncona team have been
actively working to maximise value across
our portfolio, focusing on navigating our
companies through their clinical pathway to
late-stage development, where we believe
the most significant value can be accessed,
and ensuring capital discipline to enable
them to deliver on their missions to get
products to patients.
DECISIVE ACTION ACROSS THE PORTFOLIO
WITH CONTINUED FOCUS ON CLINICAL
ASSETS; MAINTAINING DISCIPLINED
CAPITAL ALLOCATION AGAINST A
CHALLENGING MARKET BACKDROP
In the context of the current environment,
Syncona’s balance sheet is of critical
strategic importance. The Syncona
Investment Committee has continued to take
a disciplined approach to capital allocation
across the portfolio, whilst ensuring that
where companies are delivering on key
milestones and maintaining a clear path to
take products to patients, we are able to
continue to support them. We have been
focusing our capital where we believe
there is a differentiated opportunity to fund
companies to milestones close to late-stage
development and where recently we have
seen valuations start to recover.
The Syncona team has also been quick
to respond to opportunities that have
been presented by the current market
environment, and the Board has been
pleased to see that our balance sheet has
enabled us to add four new companies to
the portfolio in this financial year, in line with
our evolved strategy. These included one
late-stage asset (AGTC-501), which we
believe has exciting potential for both
patients and shareholders over the long term.
STRATEGY EVOLUTION
Our strategy evolution includes a number
of enhancements to our processes and,
importantly an updated set of long-term
targets. We have looked closely at how
to optimise our approach to financing our
companies and also at improving the way
we manage our companies through the
development cycle, particularly as they
navigate the clinical pathway. Reducing the
impact of our cash holding for shareholders
has been a core focus for the Board this
year, and we are pleased that the Syncona
team has committed to a target of
expanding the life science portfolio by
creating three new companies per year,
having historically created one to two
companies on an annual basis. We believe
an expanded and diversified portfolio,
where we reach a portfolio size of 20-25
companies, which sits alongside a capital
pool that provides three years of financing
will help to deliver our growth ambitions
whilst minimising the impact of cash on
the return shareholders experience.
As part of this work, we also recognised
the impact that proceeds from realisations
may have on balance sheet efficiency and
longer-term performance. We anticipate
that shareholder returns will continue to be
predominantly driven by long-term capital
appreciation. However, if, in the event of
realisations, our capital pool increases
significantly in excess of our three year
forward capital deployment guidance, and
subject to an assessment of investment
opportunities at the time, the Board would
look at returning capital to shareholders.
SYNCONA TEAM EVOLUTION
To support the expansion of the portfolio
and the management of mature portfolio
companies as they scale through the clinic,
the Board, in partnership with the Syncona
Leadership Team, has reviewed the
Company’s organisational structure, to enable
the delivery of the Company’s long-term
growth targets. We have been pleased to see
the expansion of the senior investment team,
alongside the implementation of the evolved
operational model. We believe these changes
will support the delivery of a sustainable
portfolio, reduce volatility and improve
shareholder returns.
Melanie Gee
Chair
Syncona Limited
CHAIR’S STATEMENT
A year of strategic evolution in
challenging market conditions
4 SYNCONA LIMITED ANNUAL REPORT AND ACCOUNTS 2023
OUTLOOK
The Board is disappointed by Syncona’s
share price performance and where it
is trading relative to NAV. We continue
to monitor it closely, whilst focusing on
supporting the team to drive our evolved
strategy and deliver on our stated NAV
ambition. The team has made good
progress on executing our evolved strategy
and our long-term targets are clear. We are
looking to deliver an expanded portfolio of
20-25 companies by 2032, and to hold
three to five companies with significant
shareholdings to late-stage development
to enable our shareholders to participate in
the significant value creation in our sector.
The UK life science landscape remains
exciting and provides a rich set of
opportunities. The UK Government’s support
for the sector is encouraging and the team
are actively engaged in discussions with
them across a range of important initiatives,
most critically around how to attract more
capital to the sector. We look forward
to seeing the impact of these initiatives.
As I look forward more broadly, I am
confident that the evolution of both our
strategy and the Syncona team, alongside
the clear action taken in the portfolio to
support companies to navigate the current
market backdrop, will help the Company
deliver for all of our stakeholders over the
long term.
Finally, I would like to take the opportunity
to thank the Syncona team, the portfolio
company management teams and my
Board colleagues for their hard work and
dedication this year.
Melanie Gee
Chair
Syncona Limited
14 June 2023
SECTION 172 STATEMENT
In line with the Corporate Governance Code
2018, this statement covers how the Board
has considered the matters set out in
section 172 of the UK Companies Act 2006.
Section 172 requires directors to have regard
to the long-term consequences of their
decisions, the interests of key company
stakeholders, the impact of the company’s
activities on the community and the
environment, the desirability of maintaining a
reputation for high standards of business
conduct, and fair treatment between the
members of the company, against a
backdrop of the company’s overall strategy
and business model.
As a Guernsey company that legislation does
not directly apply to Syncona, but the Board
recognises the importance of these issues.
As described in the Corporate governance
report (pages 76 to 79), Syncona is an
investment company and has appointed its
subsidiary Syncona Investment
Management Limited (SIML) as Investment
Manager, and delegated responsibility for
managing the investment portfolio to it.
Accordingly, the Board is not directly involved
in management of the investment portfolio,
other than in respect of very large decisions
(such as the Gyroscope sale in the previous
year) but sets strategy and oversees the
activities of the Syncona team. The Board’s
consideration of the section 172 matters
therefore mostly takes place in the context of
setting strategy and oversight, with individual
decisions being relatively infrequent.
LONGTERM DECISIONMAKING
The Board is responsible for setting the
Company’s purpose, Investment Policy,
strategic objectives and risk appetite. Our
purpose is to invest to extend and enhance
human life. We do this by creating, building
and scaling companies to turn exceptional
science into transformational treatments for
patients in areas of high unmet need.
Inherent in this model is that we are making
investments where it could take 10 to 15
years to reach product approval, and where
significant investment and risk is involved to
get to that point. A long-term outlook is
therefore embedded in the Company’s
approach, and is a core part of the Board’s
discussions on strategy and its oversight of
the Syncona team and when it does make
individual decisions.
MATERIAL DECISIONS MADE P42 AND 43
OUR PURPOSE AND STRATEGY P18 AND 19
RISK MANAGEMENT P66 TO 68
CORPORATE GOVERNANCE REPORT
P76 TO 79
OUR KEY STAKEHOLDERS
Positive relationships with our
stakeholders are important to the success
of our business and in maintaining our
reputation and the Board reviews how
it and the Syncona team engage with
these stakeholders on an ongoing basis.
Our key stakeholders include our patients,
shareholders, the Syncona team and
portfolio companies. How the interests of
each of these key stakeholders, including
our shareholders, our people, our patients,
the scientific research community and the
government and the wider community,
are taken into account in the business and
by the Board is described in more detail
on pages 40 to 43. For further information
relating to our impact on the environment,
please see pages 48 to 61.
As an investment company, our suppliers
are limited: other than SIML, they are
principally our Administrator and Custodian,
and professional service providers.
Accordingly, we have not included suppliers
as a key stakeholder on pages 40 to 43.
ENGAGING WITH OUR STAKEHOLDERS
P40 TO 41
SUSTAINABILITY REVIEW P48 TO 61
MAINTAINING A REPUTATION FOR HIGH
STANDARDS OF BUSINESS CONDUCT
The Board is responsible for monitoring
the culture, values and reputation of the
business. During the year the Board
reviewed the steps taken by the Syncona
team to ensure that our processes and
ways of working are aligned with the
Company’s purpose and values. The Board
also monitors the implementation of our
sustainability framework, which sets out
how we will act as a responsible investor.
CORPORATE GOVERNANCE REPORT
P76 TO 79
SUSTAINABILITY REVIEW P48 TO 61
5SYNCONA LIMITED ANNUAL REPORT AND ACCOUNTS 2023
STRATEGIC REPORT
Scaling
for growth
4
New companies
added to portfolio
16
Clinical data read-outs
across the portfolio
CHIEF EXECUTIVE OFFICER’S STATEMENT
Navigating our companies
through the clinical
pathway to late-stage
where we believe
significant value can be
accessed is particularly
important in the current
environment."
Chris Hollowood
Chief Executive Officer
Syncona Investment Management Limited
6 SYNCONA LIMITED ANNUAL REPORT AND ACCOUNTS 2023
This year Syncona has implemented a range
of key strategic initiatives which we believe
will position ourselves to deliver our long-term
growth ambitions. These strategic changes
at Syncona have been executed alongside
decisive actions taken to re-focus certain
portfolio companies’ clinical pipelines around
the highest value potential programmes. We
have also sought to take advantage of the
market conditions where possible creating
the next wave of leading biotech companies.
NAV PERFORMANCE DRIVEN BY
THE DECLINE IN SHARE PRICES OF
LISTED COMPANIES AND THE PARTIAL
WRITEDOWN IN VALUE OF SWANBIO
In terms of financial performance, we ended
the year with net assets of £1,254.7 million or
186.5p per share, a (4.1)% return in the year
(31 March 2022: net assets of £1,309.8
million, NAV per share of 194.4p, NAV return
of 0.3%). Performance has been driven
by both declines in the value of our listed
holdings as well as the partial write-down of
SwanBio, which were partially offset by
the positive impact of foreign exchange
and uplifts elsewhere in the portfolio.
We recognise that the share prices of
Syncona’s listed holdings have continued
to weigh on performance, and that this
has been impacted by the current macro
conditions as well as specific company
issues. The Syncona team has worked
closely with the management teams at
these portfolio companies to ensure they
remain funded to deliver their next key
milestones and are focused on delivering
value from their clinical stage programmes.
The Company has written down its holding
in SwanBio to £58.2 million, a £51.0 million
decline in value during the year. We continue to
believe in the potential impact of gene therapy
to treat patients with Adrenomyeloneuropathy
(AMN) . SwanBio’s management team has
taken the strategic decision to restructure the
pipeline and have chosen to focus on its lead
programme. As part of our valuation process,
we have recognised that the company is now
driving forward one programme, rather than a
pipeline of programmes. We will work closely
with the company as it generates data from its
initial dose cohort. The financing environment
has been challenging for early-stage
companies and SwanBio has not executed a
third-party financing to date. We are, therefore,
working on a range of financing and strategic
options for the company in parallel.
Across the rest of the private portfolio, our
companies are making strong operational
and clinical progress, whilst also leveraging
strategic opportunities to bring in further
financing in order to help realise their ambitions
in a challenging environment. Overall, the
portfolio has diversified and matured over the
year and now includes seven clinical stage
companies where there have been 16 clinical
data read-outs, whilst we have also seen five
clinical trial initiations, two companies enter
the clinic and seven financings completed.
FOCUSING PORTFOLIO COMPANY
CLINICAL PIPELINE ON LATESTAGE
ASSETS AND ATTRACTING STRATEGIC
SOURCES OF FUNDING
Navigating our companies through the clinical
pathway to late-stage where we believe
significant value can be accessed is particularly
important in the current environment. Across
the portfolio, we have been able to support our
companies as they execute on a number of
opportunities to ensure the companies are able
to deliver on their plans prudently and are
positioned to achieve key milestones. Similar to
the difficult decision we have taken at SwanBio,
at Freeline, we have worked with the
management team to streamline its pipeline
of programmes, executing the sale of its
manufacturing facility and focusing on its
Gaucher programme where it has a potential
first mover advantage. At Autolus, we
participated in a $163.9 million financing, with
the company now funded into 2025 as it
approaches the filing of a BLA with the US
Food and Drug Administration (FDA) for its lead
obe-cel therapy later in 2023, a key milestone.
Despite the difficult financing environment
for public and private companies, we have
seen the completion of the sale of Neogene
to AstraZeneca for up to $320.0 million
(£261.2 million)
1
. The sale of Neogene is the
fourth sale of a Syncona portfolio company
over the last four years, generating total
potential sale proceeds of up to £1.2 billion
2
,
with upfront proceeds alone generating a
4.3x return on capital invested. Outside of
M&A, our portfolio also continues to attract
Our strategy is underpinned by four key drivers
1
Team and track record
A multi-disciplinary team with significant
expertise and a strong track record in creating
and building leading life science companies.
2
Capital
Maintain a capital pool structure to provide us with
flexibility to fund our companies over the long term.
3
Portfolio
We have access to exceptional science coming out
of leading universities and our network enabling
us to build a diversified portfolio of high-growth
companies in areas of high unmet medical need.
4
Risk-adjusted returns
We seek to deliver strong risk-adjusted returns
through our differentiated model and financing
approach which optimises our capital allocation
so that we effectively manage risk and reward.
35
Number of Syncona team
members
£650.1m
Capital pool
13
Companies in the portfolio
22%
IRR and 1.5x multiple on
cost across whole portfolio
since 2012
3
OUR STRATEGY
OUR PURPOSE AND STRATEGY P18
1. FX rate taken at date of transaction closing.
2. Since 2012, includes potential full receipt of milestones from sales of Gyroscope and Neogene.
3. Includes sales of Blue Earth, Nightstar, Gyroscope, and Neogene closures of 14MG and Azeria. All IRR and multiple on cost
figures are calculated on a gross basis, reflects original Syncona Partners capital invested where applicable.
7SYNCONA LIMITED ANNUAL REPORT AND ACCOUNTS 2023
STRATEGIC REPORT
Portfolio companies
interest from both pharma and strategic
investors, underlined by the post-period end
collaboration and exclusive option and
license agreement Quell has entered into
with AstraZeneca, for which it will receive
$85 million upfront, predominantly in cash
alongside equity, and the additional £10.0
million commitment from British Patient
Capital into OMass Therapeutics (OMass)
in its expanded Series B financing.
BALANCE SHEET AND SYNCONA
EXPERTISE IS IMPORTANT IN NAVIGATING
THE CURRENT MARKET BACKDROP
£394.3 million has been committed to the
portfolio during the year by Syncona and third
parties, with Syncona committing £176.9
million
1
. Our balance sheet has been more
important than ever in the current environment
enabling us to protect our positions where
companies are making strong progress
and also take advantage of current market
valuations to access late-stage assets that
can be operated on our model. It has always
been critical to our long-term approach but
in an environment where there is a greater
scarcity of capital, we are able to support
companies with products that have huge
potential for patients and continue to progress
these through the development pathway
to ensure they achieve their missions.
The team continue to take a disciplined
approach to capital allocation across the
portfolio, rigorously balancing the risk
and reward potential of each investment
decision and ensuring investment into
companies that have made the necessary
decisions to drive capital efficiency into their
operations to deliver our return targets.
SCALING THE BUSINESS TO DELIVER
LONGTERM GROWTH AND VALUE FOR
SHAREHOLDERS
A key part of our strategy evolution is our
plan to increase the rate of new company
creation to three per year, having previously
founded one to two companies a year. We
believe this will enable increased potential
for growth from the life science portfolio,
providing greater optionality to optimise
capital allocation, and helping us to build
an expanded portfolio of 20-25 companies.
Growing the life science portfolio whilst
maintaining a runway of three years of
capital will mean that over time our capital
pool becomes a smaller proportion of
overall NAV, driving balance sheet efficiency.
CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED
Leveraging a highly experienced team with a wide
range of expertise throughout the clinical pathway
Syncona Executive and Advisory Group
The Group
in action
Gwenaelle Pemberton
has been heavily involved
in developing the company’s
regulatory strategy
Lisa Bright
has worked with the company
on its commercial strategy, as it
approaches commercial launch
of its lead obe-cel therapy
1. Syncona has invested £177.2 million in the year into its portfolio and new opportunities. Uncalled commitments at 31 March 2023 were £87.6 million.
MARKUS JOHN
Experienced clinician and
former Franchise Head,
Immunology and
Ophthalmology at Roche
JOHN TSAI
Experienced clinical
leader and former
CMO of Novartis