Wellcome Trust [to 12 November 2016]

Wellcome Trust [to 12 November 2016]

7 November 2016
Syncona to join forces with leading investment trust
A proposal to combine Syncona – an independent subsidiary of Wellcome – with a leading investment company is announced today. If approved, it will create an up to £1bn investment company listed on the London Stock Exchange.

The enlarged entity, which is expected to take the Syncona name, would invest approximately £100m a year in promising early and late-stage healthcare companies with the aim of capturing the full value of UK science.

Wellcome set up Syncona in 2012 with an initial investment of £200m (subsequently increased to £250m) to help address the lack of long-term funding for UK biotech. The aim was to create an expert team to establish and operate healthcare companies built around innovative life science technology.

Syncona operates independently, but like Wellcome it takes a long-term approach to its investments. Syncona currently has investments in seven companies, and in May 2016 achieved its first US product licence – for a novel prostate cancer detection tool.

The proposed transaction would see Syncona combine with BACIT, a listed investment company with approximately £500m of assets. Cancer Research UK will also invest in BACIT and work closely with it in future, bringing access to a range of oncology opportunities…