5th Feb 2026 12:42
(Alliance News) - Syncona Ltd on Thursday posted an improved valuation, following what it viewed as an encouraging "recovery in the biotech sector", paving the way for shareholders to approve a potential payout boost.
The London-based investor in life science companies ended December with a net asset value of 173.9 pence per share, up from 167.9p at September 30.
Total NAV return for the third quarter to December 31 was 3.6%, swinging from a negative return of 1.7% for the six month-period to September 30.
In the Life Science portfolio alone, the NAV total return was 5.0% in the third quarter, Syncona said. The improvement came from a 20% valuation boost for investee Beacon, after an "oversubcribed" fundraise, and the rising share price of Autolus.
Syncona sees eight "key value inflection points" for its portfolio over the next four years, with four points expected in 2026 for Autolus, Beacon, iOnctura and Resolution.
A recent fundraise saw Syncona invest GBP18.1 million in Beacon, to support commercialisation of laru-zova, a gene therapy for retinitis pigmentosa. As of January 8, Syncona owned just over 38% of Beacon.
Another investee, Quell, sees a delay in its key inflection point to 2027, after deciding to prioritise its QEL-005 programme for rheumatologic autoimmune diseases, and therefore pausing trials of QEL-001 in liver transplantation. Syncona said the QEL-005 study has led to "insights that de-risk the QEL-005 programme, which could access a potentially larger commercial opportunity".
The investment firm added: "Whilst we seek to avoid delays, the SIML team is encouraged by the technical progress in the field and supports management's decision to allocate capital to the programme with the best risk adjusted return."
Chief Executive Chris Hollowood commented: "We are pleased to have delivered positive NAV performance this quarter with Beacon attracting external capital which further enables the delivery of its pivotal study, bringing a potentially ground-breaking medicine closer to patients."
The CEO continued: "Looking ahead, we are encouraged by the recent recovery in the biotech sector in public markets, with the Beacon financing suggesting this is now starting to flow into the private markets. Against this improving market backdrop, the portfolio is well-positioned to potentially deliver on multiple key value inflection points. These have the potential to underpin significant NAV growth supporting the return of a minimum of GBP250 million to shareholders, as set out in Syncona's proposed new investment objective and policy."
Syncona next week plans to publish the date of the general meeting where investors will vote on the new payout policy, currently slated for early March.
The company's shares were up 1.9% to 99.90 pence on Thursday morning in London, and have risen 9.1% over the past year.
By Holly Munks, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.