Novartis: acquisition of Gyroscope Therapeutics
Healthcare company Syncona has announced it has completed the sale Gyroscope Therapeutics Holdings to pharmaceutical company Novartis for total consideration of up to $1.5b USD. Novartis reportedly paid $800m USD up front, with up to $700m USD to be paid after the achievement of certain milestones.
Gyroscope is focused on discovery and development of treatments for eye-related conditions, including age-related macular degeneration. Its lead investigational gene therapy, GT005, is currently being evaluated in Phase II clinical trials for the treatment of geographic atrophy (GA) secondary to AMD.