Syncona limited

Syncona Limited, a leading life science investor, has been actively managing its portfolio companies, including Beacon Therapeutics and Achilles Therapeutics, to optimize their value and strategic direction.

1. Investment in Beacon Therapeutics: Syncona has invested $42.5 million in Beacon Therapeutics' $170 million Series B financing, reflecting its commitment to the company and confidence in its ophthalmic gene therapy platform. This investment, alongside a global syndicate of new and existing investors, brings Beacon's total funding to date to $290 million. The Series B financing will support the continued clinical development of Beacon's lead asset, AGTC-501, for the treatment of X-linked retinitis pigmentosa, as well as generate clinical trial data.
2. Strategic Update with Achilles Therapeutics: Achilles Therapeutics, a company in Syncona's portfolio, has announced a strategic update. Key points include discontinuing its lead programme, cNeT, and closing related clinical trials. The company will focus on exploring further engagement with third parties developing alternative modalities to target clonal neoantigens for cancer treatment. BofA Securities has been engaged as a financial adviser to explore value-maximising strategies, which may include acquisitions, mergers, reverse mergers, business combinations, asset sales, licensing, or other transactions. As of 30 June 2024, Achilles had $95.1 million in cash and cash equivalents, and Syncona's holding value in Achilles was £7.1 million, representing 0.6% of Syncona's Net Asset Value.
3. Portfolio Management and Financial Performance: Syncona's portfolio has shown mixed performance, with a decline in net asset value per share from 188.7 pence at March 31, 2024, to 179.4 pence at June 30, 2024, reflecting a 4.9% decrease. This decline was primarily driven by a decrease in the share price of Autolus Therapeutics, partially offset by valuation uplifts in Beacon Therapeutics and Forcefield Therapeutics, as well as a positive return from the capital pool and accretive share buybacks. Syncona's life science portfolio was valued at £739.0 million at June 30, 2024, a decrease from £786.1 million at March 31, 2024. Despite these challenges, Syncona remains optimistic about the long-term returns for shareholders and the potential to deliver transformational treatments to patients.

In conclusion, Syncona Limited is strategically managing its portfolio to maximize value, as evidenced by its investment in Beacon Therapeutics and the strategic update with Achilles Therapeutics. While there have been challenges in terms of portfolio performance, Syncona remains committed to its mission of investing to extend and enhance human life.