Syncona (SYNC), an investment company focused on founding, building and funding a portfolio of global leaders in life science, announced its final results for the year ended 31 March 2021, including a NAV total return of 4.4% and a 11.8% return delivered by the life science portfolio.
Additions to the portfolio
SYNC made a note of the following additions to the portfolio over the year:
- Two new Syncona companies founded (Resolution Therapeutics and Purespring Therapeutics) and one new company (Neogene Therapeutics) added to the portfolio
- Closed down Azeria Therapeutics (Azeria), as pre-clinical data did not support further investment
‘Good clinical and operational progress despite challenges of COVID-19 pandemic’
- Four clinical stage companies with eight clinical data read-outs and good progress towards key clinical milestones across the portfolio
- Autolus Therapeutics (Autolus) prioritised its pivotal study for its AUTO1 programme based on the positive data generated to date and decided to seek to partner the AUTO3 programme following data published at the American Society of Haematology meeting in December 2020
- Quell Therapeutics (Quell) and Anaveon nominated first clinical candidates and SwanBio Therapeutics (SwanBio) expects to enter the clinic with its first programme in CY2022
- Post period end, Freeline Therapeutics (Freeline) dosed a further patient in its second clinical programme in Fabry Disease and Autolus published further encouraging durability data in its AUTO1 programme
- Continuing to attract high calibre talent to lead portfolio companies
Value of innovative new medicines has never been clearer
“Positive data generated from our clinical pipeline will be the main driver of value and while not without risk, we have a number of portfolio companies approaching key clinical milestones. In particular, we expect:”
- Freeline to have three clinical stage programmes by year-end CY2021:
- Initiate Phase I/II dose confirmation study in Haemophilia B in CY2021, targeting entry to pivotal study mid CY2023
- Progress dose escalation of Phase I/II study in Fabry Disease to dose additional patients during CY2021 and present clinical data by year-end
- Initiated Phase I/II dose-finding study in Gaucher expected to be in the clinic by year-end CY2021
- Gyroscope Therapeutics (Gyroscope) expects to report interim data in CY2021 from its Phase I/II trial for the treatment of dry age-related macular degeneration (Dry AMD)
- Achilles to enrol patients for higher dose clonal neo-antigen therapies in its non-small cell lung cancer (NSCLC) and melanoma programmes in second half CY2021 and dose patients in first half CY2022
- Autolus to progress its pivotal study in AUTO1 adult ALL and provide data update in CY2022
- SwanBio to enter the clinic with lead programme in CY2022
- Anaveon expected to dose first patient in its lead programme in the coming weeks and to publish initial data from Phase I/II trial for selective IL-2 agonist before the end of CY2021
- Quell to enter the clinic with lead programme in FY2021/2
“Having deployed £189.2 million last year, as our companies enter the clinic, we expect them to conduct new financings continuing to benefit from external specialist investors. Our liquid capital base provides us with a strategic advantage, which we will leverage to continue funding our companies to progress their business plans. We expect to deploy between £100 million and £175 million this year. This covers our existing portfolio companies with several set to enter the clinic and continue to progress their programmes through clinical development. In addition, it also covers the foundation of new companies as we seek exciting new opportunities across a range of therapeutic areas.”
Martin Murphy, CEO of Syncona Investment Management (SYC’s manager), said: “Against the unprecedented backdrop of the COVID-19 pandemic, Syncona has made good progress in the year and the value of innovative new medicines has never been clearer. Encouragingly, where previously delayed, clinical trials are resuming across the portfolio and our companies are well funded, having raised £770m over the year, to deliver on significant clinical milestones. Whilst we recognise that volatility in the public markets has affected our public holdings‘ valuations, we remain focused on delivering value over the long-term. I am pleased to say that, with three new companies added to the portfolio during the year, we have 11 companies as we stand today and are on track to build a diversified portfolio of 15-20 companies with our own balance sheet and our portfolio companies‘ ability to access third party capital providing a significant strategic advantage. Moreover, we have made strong progress in strengthening our team, organisational capability and developing our approach to sustainability, readying the business to scale. We also continue to seek a wide range of exciting new opportunities and believe our liquid capital base, exciting portfolio of companies and expert team positions us strongly to deliver value over the long-term.”
SYNC: Life science portfolio performs strongly for Syncona