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Syncona reports fall in net assets as performance hit by 81% Autolus share price fall

By BFN News | 08:45 AM | Thursday 11 June, 2020


Healthcare investor Syncona has reported a 13.3% decline in NAV total return in its final results, with net assets down to £1,246.5m at year end, as performance was impacted by a drop in Autolus' share price. For the year ended 31 March 2020, net assets of £1,246.5m, or 185.6p per share, were down from £1,455.1m in 2019, with NAV total return 13.3% lower over the 12 months, following an increase of 36.4% in 2019. Performance was impacted by the 81% fall in the share price of Autolus, which declined in value by £280.9m in the year, outweighing the aggregate £91.2m positive impact of the sale of Blue Earth, uplift in the value of Achilles and currency movements. This resulted in a valuation decrease of £189.7m, a negative 25% return, on the life science portfolio. Syncona reported that Autolus' share price has appreciated 131% post year end. Syncona said that during the year it concluded attractive offers for two of its companies, Blue Earth and Nightstar, and the net proceeds of these sales, which totalled £592.6m, increased its capital pool significantly. The company said 'significant progress' had been made across Syncona's clinical-stage companies with nine live clinical trials. Chief executive Martin Murphy said: 'Our portfolio made good progress over the year including the generation of positive clinical data. The decline in Autolus' share price has clearly impacted our financial performance in the year and whilst this is disappointing, Autolus has advanced its AUTO1 programme to a pivotal study and post period end released good data from its AUTO3 DLBCL programme. 'We believe Autolus has the potential to deliver next generation CAR-T therapies to patients over the long-term.' At 8:45am: (LON:SYNC) Syncona Limited share price was -2p at 221p Story provided by StockMarketWire.com

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