Syncona takes write-down on SwanBio as biotech halves workforce to focus on one gene therapy
UK life sciences investor Syncona has taken a write-down on its investment in private gene therapy biotech SwanBio, part of a broader hit to its portfolio, as the value of its publicly listed life sciences holdings has declined.
SwanBio is laying off about half of its employees, a spokesperson for the company told Endpoints News via email Thursday morning.
“Macro conditions” and “company specific challenges” have led to a £77.9 million (about $90 million) drop in the valuations of Syncona’s publicly-listed portfolio companies, which include Autolus and Freeline Therapeutics. The SwanBio value nearly halved, down £51.0 million, or roughly $65 million, Syncona said in its annual financial performance update on Thursday, for the 12-month stretch that ended March 31.
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