Syncona Final Results for the Year Ended 31 March 2021

Good progress despite challenging backdrop with positive momentum across an expanded portfolio of 11 companies.

Syncona Ltd, (“Syncona”), a leading healthcare company focused on founding, building and funding a portfolio of global leaders in life science, today announces its Final Results for the year ended 31 March 2021.

Key highlights:

  • Net assets of £1,300.3 million, 193.8p per share[1], with a NAV total return of 4.4 per cent[2]
  • Life science portfolio valued at £722.1 million, a 11.8 per cent return[3]
  • Expanding and diversified portfolio of 11 companies built on Syncona’s strategy, with two new companies founded (Resolution Therapeutics and Purespring Therapeutics) and one new company (Neogene Therapeutics) added to the portfolio
  • Good clinical and operational progress despite challenges of COVID-19 pandemic
  • Portfolio companies accessing £770 million from leading investors at valuation uplifts
  • Chief Financial Officer John Bradshaw to retire, with Rolf Soderstrom joining as CFO, bringing 30 years’ of experience in senior roles in finance
  • Strengthening the Syncona platform to support further scale, through additions to the senior team as well as the publication of our first Sustainability Report

Martin Murphy, Chief Executive Officer, Syncona Investment Management Limited, said: “Against the unprecedented backdrop of the COVID-19 pandemic, Syncona has made good progress in the year and the value of innovative new medicines has never been clearer. Encouragingly, where previously delayed, clinical trials are resuming across the portfolio and our companies are well funded, having raised £770m over the year, to deliver on significant clinical milestones. Whilst we recognise that volatility in the public markets has affected our public holdings’ valuations, we remain focused on delivering value over the long-term. I am pleased to say that, with three new companies added to the portfolio during the year, we have 11 companies as we stand today and are on track to build a diversified portfolio of 15-20 companies with our own balance sheet and our portfolio companies’ ability to access third party capital providing a significant strategic advantage. Moreover, we have made strong progress in strengthening our team, organisational capability and developing our approach to sustainability, readying the business to scale. We also continue to seek a wide range of exciting new opportunities and believe our liquid capital base, exciting portfolio of companies and expert team positions us strongly to deliver value over the long-term”.

To read the full results statement, this can be found on our results and presentations page. An investor presentation will be held at 9am, which can be watched at this link.

[1] Fully diluted, please refer to note 14 in the financial statements

[2] Alternative performance measure, please refer to the glossary found within the results statement

[3] Alternative performance measure, please refer to the glossary found within the results statement

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