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23. Financial and other assets

23.4 Investment in associates

23.4 Investment in associates

In December 2017, the Group made an investment in Syndesi Therapeutics SA, a Belgian company. This investment was considered as an investment in an associate as UCB had significant influence via its equity holding and Board seat. In May 2020, the Group’s share was reduced to 16.25% and it was assessed that the Group lost its significant influence. Therefore, the investment was reclassed as a financial asset at FVOCI. The difference between the carrying amount of the investment at the date the equity method was discontinued (€ 2 million) and the fair value of the retained interest (€ 4 million) was accounted for in P&L as part of the Share of profit of associates .