Syncona Limited (SYNC.L) said it agreed to sell its portfolio company Gyroscope Therapeutics Holdings plc to Novartis (NVS) for up to $1.5 billion on a cash and debt free basis, with an upfront payment of $800 million and up to $700 million potentially due upon the achievement of certain customary milestones related to clinical development, regulatory approvals and reimbursement.
Syncona co-founded Gyroscope in 2016. Today the company is a global leader in ocular gene therapies, combining discovery, research, drug development, a manufacturing platform and surgical delivery capabilities. It has nearly 200 employees and is executing on its Phase II clinical trials for the treatment of geographic atrophy secondary to age-related macular degeneration, having generated positive clinical data in its Phase I/II FOCUS trial.
Novartis plans to finance the transaction with cash in hand. Until closing, Novartis and Gyroscope Therapeutics will continue to operate as separate and independent companies.
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