Syncona Net Asset Value Lifted In First Quarter By Blue Earth Sale

(Alliance News) - Healthcare investor Syncona Ltd said Thursday its net asset value rose in the ...

Alliance News 12 August, 2019 | 9:30AM
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(Alliance News) - Healthcare investor Syncona Ltd said Thursday its net asset value rose in the first quarter of its financial year, despite a drop in the value of its portfolio due to a declining share price for investee Autolus.

As at June 30, Syncona's net asset value per share was 201.4 pence, up from 193.1p on the same date a year before, and from 158.9p as at March 31.

This was mainly due to a GBP69.4 million uplift from the sale of Syncona's 89% stake in Blue Earth Diagnostics to Bracco Imaging for USD476.3 million.

However, Syncona's portfolio value dropped by 26% to GBP771.9 million as at June 30 from GBP1.06 billion as at March 31, mainly due to the acquisition in March of portfolio holding Nightstar by Biogen Inc within the period.

What's more, Autolus's value nearly halved to GBP185.1 million from GBP328.2 million during the period, as its share price dropped.

"We are pleased with the strong progress made across our companies, delivering a number of financial and operational milestones. The sale of Blue Earth achieved excellent risk-adjusted returns for shareholders following the successful development and launch of Axumin which has transformed how patients with recurrent prostate cancer are managed," said Martin Murphy, CEO of Syncona Investment Management Ltd.

Shares in Syncona were marginally lower at 236.95 pence on Monday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Syncona Ord 228.00 GBX -1.51 -
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