Share Name Share Symbol Market Type Share ISIN Share Description
Syncona Limited LSE:SYNC London Ordinary Share GG00B8P59C08 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -2.80 -1.56% 177.00 489,388 16:35:23
Bid Price Offer Price High Price Low Price Open Price
176.80 177.60 184.40 176.60 179.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 19.93 -5.45 -0.82 1,175
Last Trade Time Trade Type Trade Size Trade Price Currency
17:04:12 O 392 181.678 GBX

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Date Time Title Posts
28/4/202220:24Wellcome to Syncona641
02/5/202023:59Synchronica - Major management change heralds new strategy2
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20/12/201615:28Synchronica - Mobile Technology - 20124,755
08/3/201200:18Synchronica SYNC - Mobile Phone Technology - 20113,347

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Syncona Daily Update: Syncona Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker SYNC. The last closing price for Syncona was 179.80p.
Syncona Limited has a 4 week average price of 165p and a 12 week average price of 154p.
The 1 year high share price is 224.50p while the 1 year low share price is currently 154p.
There are currently 663,665,537 shares in issue and the average daily traded volume is 596,010 shares. The market capitalisation of Syncona Limited is £1,174,688,000.49.
rambutan2: And to balance things out: Syncona Ltd, a leading healthcare company focused on founding, building and funding global leaders in life science, today announces that it has committed GBP15 million in an oversubscribed GBP75.5 million Series B financing in OMass Therapeutics ("OMass"), a biotechnology company that identifies medicines against highly validated target ecosystems. Syncona was a co-investor in this financing round, which was led by new investors GV, Northpond and Sanofi Ventures. Existing investors Oxford Science Enterprises and Oxford University also joined the round. OMass, an Oxford University spin out, is developing small molecule drugs to treat rare diseases and immunological conditions. The company has a unique approach to the way it finds new medicines. It uses its proprietary drug discovery platform, OdyssION(TM), to more accurately interrogate the target and how it interacts with its native ecosystem. These observations provide potentially critical information that can increase the chances of finding highly effective small molecule medicines that will be successful in clinical trials. This latest financing brings the total amount that OMass has raised to GBP119 million. These proceeds will be used to advance OMass' small molecule portfolio towards clinical trials. This includes progressing the development of small molecule drugs to treat Congenital Adrenal Hyperplasia, Inflammatory Bowel Disease and other inflammatory and rare diseases. Following the Series B financing, Syncona has revalued its existing investment which has resulted in a 32% uplift in the value of its stake in OMass. Including the drawdown of the first tranche of Syncona's Series B investment of GBP15 million, Syncona's holding value of OMass is now GBP44 million. On drawdown of the full Series B financing, Syncona's ownership stake in OMass will be 31 per cent. Edward Hodgkin, Chair of OMass and Partner at Syncona said: "We are pleased with this financing round which will support OMass as it looks to progress its pipeline of small molecule drugs. The strength of this global group of top tier life science investors reflects confidence in the company's technology and supports our ambition to build a sustainable therapeutics business that has the potential to develop novel drugs in areas of high unmet medical need . This financing represents a further validation of the ability of Syncona's portfolio companies to attract high quality syndicates, to fund them over the long-term."
tiger blue: Bought some more this morning after Martin Murphy's purchase, which I see as quite significant. Sentiment has been horrible in biotech generally and SYNC, but the shares are demonstrably cheap given the discount to nav, which is not a comment one could have made during their previous range, as nav was never much above 225p even when the shares traded at 300p. There was a lot of hope and expectation built in then, now pessimism rules, so time to buy. Share trading volume has been picking up recently and Waverton and Sarasin appearing on the register is encouraging.
markr5: Hi Tiger Blue, it looks like we may have bought at just the right time! Perhaps it was Peel Hunt (Thanks for this info) highlighting the discount that helped today's share price increase. It is reassuring to know that you have met with the company several times. I'm only a small private investor, and still learning, but I am drawn to the contrarian approach, in general.It's great to have some experienced company. Are there any others that are out of favour that you are considering at present? Although it appears to be a contradiction to the contrarian approach, I am contemplating researching the Private equity sector Investment trusts next, as i think they will continue to do well into the future (I'm looking for some long-term buy and holds for my SIPP).
tiger blue: Back in today at 167.5, having sold out of my remaining shares at 225 when the Gyroscope NASDAQ float was pulled. Since then Gyroscope has of course been sold but the share price has still tanked. I have recalculated nav based on the quoted movements since the last valuation date (dec 31), and make it c. 192.4p. SYNC has traded at a premium to nav in excess of 40% in the past. That looked frothy but I do feel that given their ability to create value the shares now look cheap on a discount of 12%. Autolus/Freeline/Achilles have all been grim on NASDAQ but the trio now only represent less than 7.5% of the nav so cannot do much more damage, and one or more could possibly spring a surprise. One big unknown is the future milestone payments due from Gyroscope, which may be up to £249.4 million, but which are discounted for risk/time etc by Syncona to a current value of £47.5m, which looks a conservative approach. Hard buying anything in these markets, but you have to dip a toe in sometimes!
robow: tipped in The Telegraph today as their Investment Trust of the year Questor: this trust just sold a holding for £600m – and its entire market value is only £1.4bn Questor investment trust bargain: it’s not the first big success for Syncona, the life sciences incubator, and we expect plenty more to come By Richard Evans 6 January 2022 • 6:00am On Wednesday we chose a healthcare company as our stock tip of the year, on the basis not only of our expectations of its own recovery but because of investors’ recent aversion to the sector as a whole. We will double down on that belief today and pick our investment trust of the year from the same arena. Our choice, Syncona, is an unusual beast: it invests in young life sciences companies with a view to holding them through the various stages of drug discovery, clinical trials, commercialisation and perhaps an eventual stock market listing. This is not the first time we have tipped the trust; we first did so in 2018 and have reiterated the advice since. Some readers will not thank us as the shares have lost 22.7pc since that first tip. Why then are we backing the fund again? Simply because we think the market fails to see its potential or perhaps does not have the patience to wait for that potential to become apparent in actual profits. As we said on Wednesday, generating returns from the scientific breakthroughs at which the healthcare sector excels takes time, while many investors have made fortunes over the past couple of years from spotting the immediate bounty on offer from Covid winners such as Microsoft. Syncona’s portfolio currently consists of 12 companies and it aims to increase that number to between 15 and 20. Several can offer concrete evidence of progress: collectively 12 of their treatments are undergoing clinical trials and three have already floated on the stock market. Of four companies no longer in the portfolio, two, Blue Earth and Nightstar, were sold for impressive gains of 9.9 and 4.5 times the amount invested respectively, while the other two proved unviable and were wound up. A 50pc success rate is good when you are seeking to build businesses from nothing in a sector that teems with scientific, regulatory and commercial risks. But it is the fund’s most recent deal that cements our belief that its managers are equal to the challenge and can be expected to produce a regular stream of lucrative winners. Just before Christmas Syncona announced that it had agreed to sell its 48.5pc stake in one of its holdings, Gyroscope Therapeutics, which makes gene therapies for blindness, for up to £589m. The fund had co-founded Gyroscope in 2016 and funded it since but the really striking thing is how that £589m figure, admittedly the maximum proceeds, compares with the value that the market currently ascribes to the entire trust: just £1.4bn. Investors seem to be expressing scepticism that any other holdings, current or future, will generate returns along the lines of those achieved by Gyroscope. In view of that 50pc success rate on investments already exited, such a view seems very pessimistic to this column. Or perhaps the market was spooked by what seemed, before this deal emerged, to be a lofty premium on the fund of 29pc, or a sky-high 69pc implied on the unquoted part of the portfolio. Gyroscope’s sale brings the overall premium down to 7.3pc and that on the unquoted part to 26pc, according to calculations carried out by JP Morgan Cazenove, the broker, on the day the deal was announced. Questor’s view is simple: the sales of Gyroscope, Blue Earth and Nightstar, along with the flotations of other holdings such as Autolus, show that this fund knows its business. We therefore expect similar success stories in future and the generation of returns that will comfortably exceed its current market value. The only proviso is that it won’t happen overnight and so readers will have to show more patience than perhaps with other Questor tips. As we have said before, it’s one to buy and tuck away. Questor says: buy Ticker: SYNC
sev22: The Syncona Investment Trust, a member of Interactive Investor’s ACE 40 rated list of ethical investments, has reported its latest half-yearly results (11th November 2021): Syncona Ord (SYNC) investment trust, which invests in life science companies, reported a decline in net asset value of 11.4% for the first six months of its financial year – from the end of March to the end of September. Over this period, the trust reported that its net assets sat at £1.15 billion, down from £1.3 billion at the end of March 2021. Figures from FE Analytics show that over this period its share price total return was a loss of 33.6%, suffering from its high premium notably declining. The decline, the report notes, was driven predominantly by the decline in the share price of two of the trust’s listed holdings, Freeline Therapeutics Holdings ADR FRLN and Achilles Therapeutics ADR ACHL. Freeline’s poor performance is put down to “operational challenges” owing to the Covid-19 pandemic. Syncona says these concerns have now been addressed. Achilles’ share price decline was driven by “market sentiment towards cell and gene therapies”. Syncona says that it believes the business is performing well and in line with expectations. The trust’s strategy is to establish, build and fund companies to turn exceptional science into a dynamic portfolio of global leaders in life sciences. The aim is for the companies to deliver their product to market. The trust has a long-term target of owning between 15 and 20 companies. It currently has 10. Martin Murphy, chief executive of Syncona Investment Management Limited, said: “While we are disappointed by the decline in NAV during the period, we are continuing to build a diverse portfolio across the development cycle and therapeutic areas and remain confident in our companies' potential. The substantial capital that a number of our companies have accessed so far this year validate the significant opportunity ahead for them.” The trust also said that it planned to deploy another £100 million to £175 million into both existing companies and new opportunities this year. Murphy said: “With clinical data the key driver of value and risk for Syncona, we believe our companies are well positioned and on track to further validate our model and strategy in the next 12 months with the potential for a rich seam of data.” The trust is a member of Interactive Investor’s ACE 40 rated list of ethical investments. It was placed under formal review in the summer due to the volatility of its share price, but it kept its place on the list. Dzmitry Lipski, head of funds research at Interactive Investor, notes: “We remain positive on the trust outlook and see it as a strong choice for adventurous investors prepared to tolerate high volatility in the short term, but potentially reap rewards over the longer term.
tiger blue: CM day was indeed successful. Webcast recording on SYNC website, as always DYOR but do please watch if you have more than a passing interest. These are not annual or even bi-annual events for SYNC, and there is a lot of insight and an opportunity to learn about the whole current portfolio, which certainly gave me reassurance about my holding. Positives: there will be lots of newsflow to come from Freeline, Achilles and Gyroscope over the next 12-24 months as these are scaling rapidly. I think the reason share price has responded is the focus on the platforms and manufacturing they are building, that enable new products to be rolled out quicker and more efficiently. The takeover of Spark Therapeutics by Roche for $4.3bn was referenced, the price paid was far too much for the Haemophilia candidates they have, they bought it mainly for the platform. All of Syncona’s companies have a strong focus on the manufacturing of product in reliable, closed processes. Note that the recent Autolus data showed vastly superior survival rates from the closed manufacturing process vs the open. The presentation and panel discussions showed the value of being close to the science (literally 200 yds from UCL) and the benefit of sharing ideas and experience among the companies, as well as their long term approach which the scientists & founders prefer to venture cap, who always put the exit strategy on the first page. Concerns/negatives: Not many, though Brexit could be a pain in adding extra costs for different regulations in UK/EU, and long term may require manufacturing to be set up in EU as well as UK/US. Attracting European recruits may also be harder. Autolus (my view & I still hold) - I think you have to say given the share price that the jury is out as to whether they will ever get a product to market, the data is encouraging but there are other players. Price already heavily down so only 11% of SYNC portfolio and I think Freeline will be much bigger soon, but scope for a big bounce should AUTL succeed. Share price – I wouldn’t have been brave enough but someone asked Martin Murphy about the share price and I’ll end with a direct quote from him – “We can’t manage the share price, what we can do is manage the business….in the long run we all get weighed, and I’m looking forward to being weighed, because frankly the value will come out”.
luxaeterna1: The SYNC share price continues a strong trend, while the AUTL price shows weakness. Perhaps related to Woodford's holding (forced sell?) and market waiting for the Q3/Q4 CAR-T updates.
tiger blue: From CITYWIRE - good summary. Syncona left with £915m cash mountain after Blue Earth sale By Michelle McGagh / 05 Jul, 2019 Syncona left with £915m cash mountain after Blue Earth sale Syncona (SYNC), the UK’s largest, stock market listed life sciences fund, is sitting on a cash pile of nearly £1 billion after last week’s decision to accept a bid for prostate cancer imaging business Blue Earth Diagnostics. The FTSE 250 investment trust will receive £337 million for its 89% stake in Blue Earth, its second largest investment, from the $450 million (£354.3 million) sale of the business to Bracco Imaging of Italy, a global leader in diagnostic imaging, plus a closing adjustment payment of $25 million. This is 10-times more than its original investment of £35.5 million when it founded the firm with academics five years ago and represents an 87% internal rate of return for Syncona. The sale is the second big deal the £1.5 billion trust has done this year after making £254 million from the sale of eye disease specialist Nightstar Therapeutics to Swiss business Biogen. The proceeds from both disposals more than double the £400 million capital pool Syncona had at 31 March to £915 million leaving the portfolio around 70% in cash. While this leaves the company with plenty to invest in new and existing portfolio businesses its risks cash drag depressing returns while the money waits to be redeployed. Freeline, which focuses on gene therapy for liver diseases, retinal gene therapy business Gyroscope, and lung cancer gene therapy company Achilles, have all benefited from investment this year and the trust has said it will step up the level of investment over coming years. It has increased its guidance on how much it plans to invest each year from £75-150 million to £100-200 million. Martin Murphy, chief executive of Syncona Investment Management, said the sale of Blue Earth ‘demonstrates the success of Syncona’s strategy to found, build, and fund innovative companies’. He said in five years the company had completed clinical development, secured its first product approval, delivered a successful commercial treatment used on 50,000 prostate cancer patients and achieved profitability. Murphy told analysts the decision to sell Blue Earth was a difficult one but that the prospect of growing competition for its main product Axumin tilted the balance towards an exit and recycling its capital. The transaction provides a ‘significant’ boost adding 10.4p to net asset value (NAV) per share of around 201p, said Syncona broker Numis Securities. The uplift would have been higher but was offset by the poor performance from its quoted holdings, notably Autolus, whose shares have halved since March after their flotation on Nasdaq, the US technology exchange, last year. Autolus is the one investment Syncona shares with Neil Woodford and its declining share price adds to the pressure on his Patient Capital (WPCT) investment trust as it struggles in the aftermath of the suspension of his main Equity Income fund. Syncona shares, which are key holdings of Witan (WTAN) and BMO Managed Portfolio Growth (BMPG), have been flat since the announcement of the Blue Earth sale on 27 June. At 220p today they stand at around 10% above NAV a much reduced premium from the 51% they traded at in March before Wellcome Trust reduced its stake and Autolus shares started to slide. Jefferies analysts Ken Rumph and Lyra Li commented: ‘The transaction is another validation to SYNC's strong investment capability and business model after Nightstar's disposal and Autolus' listing, and will bring its capital pool to £963 million (146p/share), c.72% of current NAV: cash drag a problem of success?’ Ewan Lovett-Turner of Numis said the disposal showed Syncona’s portfolio is ‘likely to be highly attractive to the major biotechnology companies, and highlights the conservative nature of its valuations’. ‘We believe that Syncona is a unique vehicle with outstanding management. Syncona’s share price has been relatively weak recently, down 11.2% since 31 March, which we believe largely reflects the weakness in Autolus,’ he said.
Syncona share price data is direct from the London Stock Exchange
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