Syncona (LSE:SYNC) told investors it has committed $10.1m (£7.5m) into a $310m (£230m) Series C financing for OMass Therapeutics, a biotechnology company developing small molecule therapeutics against validated targets, as part of a syndicate co-led by Bain Capital Life Sciences, Forbion and Novo Holdings.
The London-listed life science investor's holding in OMass has been written up by £4.7m, a 9.4% uplift to the 30 June valuation, and including £1.7m of new capital invested since that date, the stake will be worth £56m once the full Series C financing is drawn down, at which point Syncona's ownership will stand at 16.1%.
OMass is a University of Oxford spin-out building small molecule drugs for rare diseases and immunological conditions using its proprietary OdyssION platform; Syncona led the company's Series A round alongside Oxford Science Enterprises in 2018 and has backed subsequent rounds since, with total funding now standing at approximately $475m (£360m).
Latest proceeds will fund the lead programme, OMS1620, a potential treatment for congenital adrenal hyperplasia and ACTH-dependent Cushing's syndrome, into Phase 2 development, alongside earlier-stage pipeline work including initial clinical data for the company's next candidate.
Janus Henderson Investors, SV Health Investors and Jefferson Life Sciences joined the round alongside existing backers including Oxford Science Enterprises, GV, Northpond Ventures, Sanofi Ventures, British Patient Capital and the University of Oxford.
"The strength and calibre of this group is an important external validation of OMass' technology and progress to date", said Edward Hodgkin, managing partner of Syncona Investment Management and a board director of OMass.
The write-up adds to a run of portfolio catalysts for Syncona this year, following a positive topline result from Beacon Therapeutics' pivotal VISTA trial in X-linked retinitis pigmentosa, with Syncona still targeting four value-inflection events across its portfolio by the end of 2026.