23rd Mar 2020 09:36
(Alliance News) - Healthcare-focused investment firm Syncona Ltd said Monday the Covid-19 outbreak will not affect the valuations of its privately held companies, but will lead to delays to clinical trials.
FTSE 250-listed Syncona said that while it was difficult to forecast the exact impact, the group expects several clinical stage programmes to be delayed by at least three months.
In addition, Syncona said it has GBP780 million in its capital pool as at Friday last week, providing the group with the ability to continue funding its portfolio companies.
"Covid-19 will have a major impact across the healthcare systems where we are running our clinical studies. Healthcare systems are working to focus their resources on managing Covid-19 patients and, as a result, certain elective procedures and clinical trials will be de-prioritised while the peak epidemic is managed. Syncona fully supports these decisions," said Martin Murphy, chief executive officer of Syncona Investment Management Ltd.
"Whilst the duration and level of disruption from Covid-19 across the industry remains uncertain at this time, we are working closely with our portfolio companies to minimise disruption, avoid unnecessary burdens on health services, and ensure the safety of their employees and the patients taking part in clinical studies," Murphy added.
Shares in Syncona were down 5.2% at 182.40 pence on Monday in London.
By Dayo Laniyan; [email protected]
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