CORRECT: Syncona Quarterly Net Asset Value Higher On Blue Earth Sale

(Correcting that the net asset value per share as at March 31 was 216.8p, meaning NAV decreased ...

Alliance News 12 August, 2019 | 11:45AM
Email Form

(Correcting that the net asset value per share as at March 31 was 216.8p, meaning NAV decreased over the course of the quarter.)

(Alliance News) - Healthcare investor Syncona Ltd said Thursday its net asset value rose year-on-year in its first quarter, 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, but lower from 216.8p as at March 31.

The year-on-year increase 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, the decrease from the end of March was from Syncona's portfolio value dropping by 26% to GBP771.9 million as at June 30 from GBP1.06 billion as at March 31, mainly due to the disposal in March of portfolio holding Nightstar to Biogen Inc within the period.

What's more, Autolus's market 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 up 0.1% at 236.66 pence on Monday.

By Dayo Laniyan;

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Syncona Ord 215.50 GBX -2.93 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites