Syncona Ltd (LON:SYNC) has reported a strong increase in the value of its life science portfolio over the first quarter of its current financial year, boosted by a strong performance of its shareholding in Autolus Therapeutics PLC (NASDAQ:AUTL).
For the three months to June 30, 2020, the healthcare group reported that its portfolio value had risen by 35.1% to £677mln, while its net asset value increased by 13.5% to 210.7p per share.
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The increase in the Autolus share price was noted as one of the key factors in the value rise, as well as a write-up of its stake in Freeline Therapeutics after a recent financing.
Syncona also said its holdings had delivered “strong clinical progress with significant data generation” over the quarter, while post-period Freeline had presented “further encouraging data” from its FLT180a, Haemophilia B study at the International Society on Thrombosis and Haemostasis 2020 Congress.
The company also said clinical trials across its portfolio were resuming or continuing where possible following short delays caused by the coronavirus pandemic, while it is also looking to invest in new opportunities.
Syncona added that it expects to make a further investment in the coming weeks to “fund the development of a team and to secure key IP with a view to providing significant funding to the business when the [coronavirus] pandemic and the corresponding restrictions have substantially stabilised, and operations will be able to commence”.
"The effects of [coronavirus] have had a profound impact on society and the way we work. It is too early to assess its long-term impact, but against this unprecedented backdrop, Syncona has performed robustly and the value of developing long term clinical solutions has never been clearer. Our strong cash position and high calibre team, which we have enhanced during the quarter, continue to deliver and we are developing a pipeline of opportunities even as restrictions on travel and working practices remain”, Syncona chief executive Martin Murphy said in a quarterly update.
“Our strong capital base underpins our approach to pursue exciting new opportunities and continue to fund our companies, which are scaling rapidly. We believe our companies are well placed to execute on strategy and we will continue to maintain a disciplined approach to the allocation of capital across our portfolio to maximise risk-adjusted returns for shareholders", he added.
The company’s shares were 0.4% lower at 254.9p in early deals on Monday.