Syncona Ltd GBP · LSE:SYNC
Syncona Ltd GBP — Syncona — Investor Presentation (September 2023)
48 slides from Syncona Ltd GBP's investor presentation, September 2023
Slide 1: Synconaltd.com September 2023
Synconaltd.com September 2023
Slide 2: Cautionary statement
Cautionary statement This presentation has been prepared and published solely for informational purposes. The presentation may contain “forward-looking statements” regarding the belief or current Nothing contained in this presentation is intended to constitute an offer, invitation or expectations of
Slide 3: Executive summary
74 SYNCONA Executive summary *
Slide 4: Syncona
Syncona A leading European life sciences investor with an ambition to grow Net Asset Value to £5 billion by 2032 Syncona was founded in 2012 by the Wellcome Trust to take a long- term approach to building life science companies Long-term approach Thesis that the best risk-adjusted returns in life sc
Slide 5: Overview of Syncona
Overview of Syncona Significant impact across the portfolio since being founded in 2012 Building global leaders Our track record Patient impact Current financials Syncona portfolio IRR since 2012; Patients benefitting 1.5x multiple on Net Asset Value 22 companies since 2012 foundation 21% cost acros
Slide 6: Positioned to deliver value over the long term
Positioned to deliver value over the long term Syncona believes the out return in life science can be accessed at late-stage development Global transaction volume by expected years to market; Number of Our strategy is designed to leverage this global biopharma deals greater than $1bn from 2005 to 20
Slide 7: Late-stage strategy in action
Late-stage strategy in action 7
Slide 8: Demonstrated significant value creation from successful exits
Demonstrated significant value creation from successful exits £1.1 billion invested to date, generating an IRR of 21%, 1.4x invested capital1 Four exits - Blue Earth, Nightstar, Gyroscope and Neogene Strong track record of value creation from successful exits £948m of proceeds, with the potential of
Slide 9: Performance in the first quarter
Performance in the first quarter Continued progress and active management of maturing portfolio as late-stage companies approach key milestones Performance in the quarter driven by negative foreign exchange movements across the life science portfolio and capital pool Our strategy Key highlights is d
Slide 10: Focus on building and scaling companies to late-stage development
Focus on building and scaling companies to late-stage development Market conditions are improving for late-stage clinical assets, where Syncona believes significant value can be accessed Average Enterprise Value of a Biotech listed on US exchanges by stage of development 1 Our core principle of driv
Slide 11: Syncona portfolio
74 SYNCONA Syncona portfolio
Slide 12: Portfolio well diversified with multiple opportunities
Portfolio well diversified with multiple opportunities Syncona Late clinical Portfolio focused on delivery of key milestones investment point Clinical Pre-clinical Best ideas Pre-clinical Clinical Late clinical BLA Value Significant shift in clinical stage of £123m portfolio FY 2021/2 £228m 42% of v
Slide 13: Preparing for the commercial launch of obe-cel
Preparing for the commercial launch of obe-cel Syncona has guided portfolio company from inception to potential commercialisation, a longstanding goal which has the potential to drive value Lead product candidate Clinical and operational progress Future milestones FOUNDED Obe-cel, potentially best-i
Slide 14: Beacon Therapeutics
Beacon Therapeutics Creating a leading ophthalmic gene therapy company Transaction Leveraging multi-disciplinary expertise across the team Members of Launch Team working closely with AGTC to drive operational efficiencies World-class management team established with significant expertise in Clinical
Slide 15: Rich opportunity set in early-stage portfolio
Rich opportunity set in early-stage portfolio Creating commercial concepts around ground-breaking science Precision medicine continues to power pipeline with focus on modalities enabling access to validated targets Macrophage cell Gene therapies for the Next generation induced therapies to repair tr
Slide 16: Market context
74 SYNCONA Market context
Slide 17: Innovation driving growth
Innovation driving growth The era of precision medicine has meant that we now have a better understanding of what drives diseases and how we can treat them A supportive regulatory environment and our ability to target patient populations 1 has reduced the capital needed to progress through the devel
Slide 18: Paradigm shift in drug development
Paradigm shift in drug development Modality precision is the new precision in medicine We are moving out of a decade dominated by new modalities and entering a world where the sheer volume of data and the number of modalities provide an incredible set of opportunities for our sector to leverage. Val
Slide 19: Capital strategy
74 SYNCONA Capital strategy
Slide 20: Managing capital to deliver strong risk-adjusted returns
Managing capital to deliver strong risk-adjusted returns Capital pool underpins our long-term approach combined with differentiated ability to attract external capital to portfolio companies Strong capital base is central to delivery of strategy Founding investors have the best ability to set strate
Slide 21: How we finance our portfolio companies
How we finance our portfolio companies Investing alongside long term aligned capital Financing strategy £m 900 800 We set our companies up with conviction to deliver on key milestones 700 We typically invest on a sole basis or alongside aligned long-term 600 partners in Series A financings 500 400 W
Slide 22: People
74 SYNCONA People
Slide 23: An expert multi-disciplinary investment team
Our unique skill set An expert multi-disciplinary investment team Scientific Commercial Company creation Investment Our Senior investment team Martin Murphy1,2 Chris Hollowood1 Roel Bulthuis Chair PhD CEO PhD Managing Partner, Head of Investments x 6 Investment and associate partners MSc, MBA provid
Slide 24: Embedding a new model
Embedding a new model Improving pace and establishment of new portfolio companies and leveraging a highly expert team throughout the clinical pathway Portfolio Syncona Executive and Syncona Launch Team companies Portfolio Advisory Group in action Providing expert insight during the investment proces
Slide 25: Summary
=4SYNCONA Summary ft RR Wy
Slide 26: Scaling our net assets
Scaling our net assets Delivery against our ambitious growth plans against a challenging market backdrop 3 new companies p.a. Increase the pace of company creation Maturing portfolio is diversified by stage, modality and therapeutic areas, with seven companies at clinical-stage Upcoming value inflec
Slide 27: Appendix - Team
Appendix 1 - Team 27
Slide 28: Senior investment team
Senior investment team Martin Murphy1,2 Chris Hollowood1 Chair CEO PhD PhD 22 years’ experience 21 years’ experience Responsible for sourcing, leading and delivering new deals for Syncona, as well Roel Bulthuis Edward Hodgkin1,2 Managing Partner, Managing Partner as working closely alongside portfol
Slide 29: Leadership team incorporates experience from across the business
Leadership team incorporates experience from across the business Chris Hollowood Roel Bulthuis Rolf Soderstrom Edward Hodgkin CEO Managing Partner, CFO Managing Partner Head of M&A Biotech investing Investments x Balance sheet Executive leadership management Company building Board leadership Deal ge
Slide 30: Appendix - Portfolio
Appendix 2 - Portfolio 30
Slide 31: Clinical portfolio company outlook
Clinical portfolio company outlook Company Status of pipelines Next steps Six ongoing clinical trials Progress pivotal study obe-cel / adult ALL, with further long-term follow up data in H2 CY2023 and a BLA filing with the FDA expected in H2 CY2023 Publish initial data from the trial of AUTO8, Autol
Slide 32: Portfolio company valuations
Late-clinical Clinical Pre-clinical Portfolio company Fully diluted 31 Mar 2023 value £m Net invested/returned in the Valuation change FX movement 30 Jun 2023 value £m Valuation basis % of NAV ownership (fair value) period £m (fair value) (fair value)1,2 70.1 60.0 0.0 0.0 0.0 60.0 PRI 4.8% 17.9 50.0
Slide 33: Beacon Therapeutics
Late clinical stage Initial investment 2022 Beacon Therapeutics Value £60.0m Financing stage Series A Leading ophthalmic gene therapy company Syncona’s ideal characteristics for a scientific asset launched Lead AGTC-501 therapy targets X-Linked Defined patient segments / target market ✓ Retinitis Pi
Slide 34: Autolus Therapeutics: building a fully integrated CAR-T cell therapy company
Late clinical stage Autolus Therapeutics: building a fully integrated CAR-T cell Initial investment Value 2014 £62.8m therapy company Financing stage NASDAQ Lead clinical programme: Obe-cel, a standalone, potentially best-in-class CD19 CAR T cell therapy candidate Obe-cel Key data*** Lead product ca
Slide 35: Quell Therapeutics: developing engineered T-regulatory cell therapies
Clinical stage Quell Therapeutics: developing engineered T-regulatory cell therapies On track to be the first company to potentially present transformative data in Initial investment 2019 the engineered Treg-field in the liver transplant setting Value £84.2m Financing stage Series B “Master modulato
Slide 36: Anaveon: harnessing the power of IL-2 for patients with solid tumours
Clinical stage Anaveon: harnessing the power of IL-2 for patients with solid tumours NSCLC patient, who continues ANV419 treatment, Initial investment 2019 Specialising in the development of treatments showed sustained and deepening response with 56% Value £63.7m for diseases with immune system dysf
Slide 37: SwanBio: focus on gene therapy for a devastating neurological disease
Clinical stage SwanBio: focus on gene therapy for a devastating neurological disease A gene therapy company with lead programme focused on AMN, a devastating disease with Initial investment 2018 no current treatments Value £66.2m Financing stage Series B Gene therapy has the potential to be transfor
Slide 38: Freeline Therapeutics: developing transformative gene therapies
Clinical stage Freeline Therapeutics: developing transformative gene therapies for inherited systemic debilitating diseases Initial investment 2015 Value £5.1m Potential to treat a wide range of chronic diseases Financing stage NASDAQ Gaucher disease Clinical stage company; lead programme Inherited
Slide 39: Achilles Therapeutics: developing novel cancer immunotherapies
Clinical stage Achilles Therapeutics: developing novel cancer immunotherapies targeting clonal neoantigens Initial investment 2016 Value £8.3m Focus on the treatment of solid tumours with precision T cell therapy by targeting multiple clonal neoantigens that Financing stage NASDAQ are present on all
Slide 40: OMass: a platform built to unlock highly validated but inadequately drugged targets
Pre-clinical stage OMass: a platform built to unlock highly validated but Initial investment Value 2018 £43.7m inadequately drugged targets Financing stage Series B With a focus on immunological and rare diseases Today, researchers are forced to make trade-offs: Historically, small molecule drug dis
Slide 41: Purespring: one of the first gene therapy companies focused on the kidney
Pre-clinical stage Purespring: one of the first gene therapy companies focused on the kidney globally Initial investment 2020 Seeking to advance gene therapies for the treatment of chronic renal diseases Value £35.1m that are currently poorly addressed with existing treatments Financing stage Series
Slide 42: Clade Therapeutics: developing the next-generation off-the-shelf cell therapies
Pre-clinical stage Clade Therapeutics: developing the next-generation off-the-shelf cell therapies Initial investment 2021 Value £23.6m Advancing cell therapy beyond haematological malignancies to solid tumours and Financing stage Series A enabling access to a greater number of patients Delivery of
Slide 43: Resolution Therapeutics: macrophage cell therapy company
Pre-clinical stage Resolution Therapeutics: macrophage cell therapy company Initial investment Value 2018 £37.9m in inflammatory diseases Financing stage Series A Encouraging clinical data already obtained in lead indication with earlier generation programme 1 Extract monocytes1 from 3 Administer en
Slide 44: Mosaic Therapeutics
Pre-clinical stage Initial investment 2023 Mosaic Therapeutics Value £7.3m Financing stage Series A Leveraging the unprecedented insights of the genomic revolution to develop targeted therapies for cancer Oncology therapeutics company with a highly specialised drug discovery platform Syncona led a £
Slide 45: Kesmalea Therapeutics
Pre-clinical stage Initial investment 2022 Kesmalea Therapeutics Synthesis Value £4.0m Financing stage Series A Small molecule drug discovery platform focused on Production of protein protein homeostasis Degradation Removal of protein An opportunity to create a new generation of oral drugs addressin
Slide 46: Appendix - Sustainability
Appendix 3 - Sustainability 46
Slide 47: Continuing to show a strong commitment to ESG
Continuing to show a strong commitment to ESG £4.6m donated to charity in FY2022/3, ongoing commitment to donate 0.35% of NAV per year - d Our social 17 portfolio company clinical trial sites across the UK1 impact 1200+ people employed by Syncona and its portfolio Autolus’ lead therapy, obe-cel, mee
Slide 48: The Syncona Foundation
Appendix March 2023 The Syncona Foundation Supporting excellent charities that are meeting pressing needs within society, particularly those that are related to healthcare systems £45m Syncona donations to charity since Focused on the prevention, treatment, cure and 20121 ultimately eradication of c