IN BRIEF: Syncona to focus on realisations to return PS250 million
Syncona Ltd - London-based investor in life science companies - Sets out results of its strategy review, proposing focus on realisations of mature private companies in its portfolio until it has been able to return up to £250 million to shareholders ‘in a timely manner’. The returns, representing about 40% of the company’s current market value, could take the form of a tender offer, share buyback, or special dividend, Syncona says.
The portfolio ‘is funded to deliver 10 key value inflection points over the next three years, with the potential to drive significant NAV growth,’ the company says. Syncona Investment Management Ltd, the company’s advisor, will work with portfolio to deliver these inflection points. SIML also aim to raise a new private fund to invest alongside Syncona to diversify funding sources for those portfolio companies.
Once £250 million has been returned to shareholders, Syncona will focus once again on funding new life science investments and existing portfolio companies, it says, aiming for a portfolio of 20 to 25 companies. However, it will no longer seek to grow assets to £5 billion by 2032, as was its previous target.
Current stock price: 99.76 pence for £606.4 million market capitalisation
12-month change: down 8.5%
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