Novartis to pay up to $1.5 billion to acquire Gyroscope Therapeutics

Novartis (NYSE:NVS) has entered into an agreement to acquire U.K.-based Gyroscope Therapeutics, which specializes in ocular gene therapy company.

The acquisition would add GT005, an investigational gene therapy for geographic atrophy, to its pipeline.

Geographic atrophy is an eye-sight-threatening condition occurring in some patients with dry age-related macular degeneration.

Dry AMD is the most common cause of vision loss in individuals over 55.

GT005 is the subject of three active clinical trials.

Last year, Gyroscope Therapeutics won Fast Track designation from FDA for GT005.

As part of the deal, Novartis will pay $800 million upfront and up to $700 million in further milestone payments.

The acquisition is subject to customary closing conditions.

In November, London-based Gyroscope announced that it had received an investment from Sanofi worth up to $60 million.

 

 

Read more
  • 0

Gyroscope Therapeutics to receive investment from Sanofi worth up to $60M

Gyroscope Therapeutics announced today that it received a commitment from Sanofi (NYSE:SNY) to invest up to $60 million.

London-based Gyroscope will receive a $40 million investment from Sanofi initially. That $40 million represents a premium to Gyroscope’s previous Series C financing, with the remaining $20 million to be invested contingent on a future qualifying investment round and other certain closing conditions.

Get the full story at our sister site, Drug Delivery Business News.

Read more
  • 0

Gyroscope Therapeutics launches IPO roadshow

Gyroscope Therapeutics announced today that it launched the roadshow for its initial public offering of nearly 7 million shares.

London-based Gyroscope’s U.S. offering includes up to 6.75 million American Depository Shares (ADSs) representing 6.75 million ordinary shares, according to a news release.

Get the full story at our sister site, Drug Delivery Business News.

Read more
  • 0