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(Sharecast News) - Life sciences investor Syncona reported a 3% increase in net asset value per share in the first half, driven by positive clinical trial results from portfolio company Beacon Therapeutics, as it reiterated plans to return at least £250m to shareholders.
Net asset value per share rose to 175.7p at 30 September from 170.6p at the end of March, while total net assets increased to £1.07bn from £1.04bn.
The group's life sciences portfolio delivered a 4.7% return, with its valuation rising to £920.7m from £839.4m, primarily reflecting a £48.5m uplift in deferred consideration relating to Beacon following positive Phase II/III trial results.
Beacon's gene therapy, laru-zova, met the primary endpoint in a pivotal trial for X-linked retinitis pigmentosa, an inherited eye disease that causes progressive vision loss. The results are expected to support a regulatory filing for approval.
Gains in the valuations of Autolus and OMass also supported performance, although these were partly offset by a £24.5m write-down of Anaveon.
Syncona's share price rose 39.9% during the six months to 123.8p, reducing its discount to net asset value to approximately 29.5%.
The company invested £43.4m in its portfolio during the period, compared with £17.2m a year earlier, with 85.3% directed towards clinical and late-stage companies. Its capital pool stood at £148.2m at the period end, down from £198.3m in March.
Chief executive and chief investment officer Chris Hollowood said: "This financial year has started with positive performance and strong momentum across the portfolio and sector."
Syncona said three significant portfolio milestones had been achieved since the period end, with another expected before the end of 2026 and four further milestones anticipated by the end of 2028.
The board reaffirmed its commitment to returning a minimum of £250m to shareholders while continuing to develop its portfolio, which it said was positioned to benefit from improving biotechnology markets and demand for late-stage clinical assets.
Shares were up 0.5% at 126.04p by 1014 GMT.
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