Syncona said direct exposure to SVB 'de minimis'

Life sciences investor Syncona said it had a minimal exposure to the collapsed Silicon Valley Bank.

In a statement, Syncona said it held cash and cash equivalents with SVB's UK arem equating to less than 0.4% of its capital base of £653.8m and 0.2% of net asset value.

It added that Syncona's portfolio companies have a range of banking relationships, some of which include SVB and SVB UK. Syncona's estimated indirect exposure across its portfolio is around 6% of NAV, with all but a de minimus amount with SVB UK.

Reporting by Frank Prenesti for Sharecast.com