Syncona valuation falls in June quarter despite asset sales
Source - SMW
Healthcare company investor Syncona said its net asset value fell by 7% in the June quarter after it sold investments Blue Earth Diagnostics and Nightstar.
The company sold Nightstar to Biogen, with £255.8m of proceeds received in the period, representing a 4.5 times return on original investment.
The period also included the sale of Blue Earth Diagnostics to Bracco Imaging, valuing Syncona's holding at £336.9m.
'The sale of Blue Earth ... further enhances Syncona's ability to build and fund its portfolio companies to succeed over the long term,' Syncona said.
'Syncona will continue to fund its companies ambitiously as they scale and sees a strong pipeline of exciting new opportunities, subject to its disciplined approach to the allocation of capital across the portfolio.'