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(Alliance News) - Syncona Ltd on Thursday offered up a resilient set of annual results, swinging to profit after a challenging year thanks in part to the strength of its life sciences portfolio.
The London-based life science investor owns a diversified portfolio of companies spanning across clinical stages.
For the year ended March 31, Syncona reported a net asset value per share of 188.7 pence, up 1.2% from 186.5p a year prior. Net asset value total return was positive 1.2%, swung from negative 4.1%.
The firm noted a positive impact from accretive share buybacks, as well as good returns from its life science portfolio and capital pool. The portfolio was valued at GBP786.1 million at March 31, up from GBP604.6 million year-on-year.
Total investment income came to GBP49.1 million, up 79% from GPB27.5 million, while profit for the year was GBP3.8 million, swung from a loss of GBP56.0 million the year previously. Earnings per diluted share were 0.57p, swung from a loss per share of 8.38p.
It didn't declare a dividend.
Reflecting on the year, Syncona said that while market conditions "have been challenging", value is returning to late-stage clinical assets, and financing conditions are beginning to improve in the private markets.
The financial year has started "with positive momentum", it added.
Separately on Thursday, Syncona announced that it has led a EUR80 million Series B financing for iOnctura BV, a clinical-stage oncology company developing innovative therapies for neglected and hard-to-treat cancers.
Syncona itself invested EUR30 million, and will have a 23% stake in the business.
The firm also launched Yellowstone Biosciences Ltd, an oncology company pioneering soluble bispecific TCR-based therapies, with a GBP16.5 million Series A financing commitment. Accordingly, Syncona will hold a near 61% stake in the business.
Shares in Syncona were trading 0.5% lower at 113.07 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News senior reporter
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