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Novartis buys British gene therapy firm Gyroscope for $1.5B

There are no approved treatments for geographic atrophy yet, company says

Novartis said Wednesday it made a deal to acquire all the outstanding share capital of the UK-based ocular gene therapy company Gyroscope Therapeutics.

The Swiss-based multinational pharmaceutical corporation said in a statement it will make an upfront payment of $800 million and potential additional milestone payments of up to $700 million.

“Novartis has a well-established expertise in ocular gene therapies that will position us well to continue developing this promising one-time treatment,”said President Marie-France Tschudin.

The move will strengthen Novartis’ position on geographic atrophy research, which is an advanced form of dry age-related macular degeneration that leads to progressive and irreversible vision loss.

While there are no approved treatments for geographic atrophy, it is one of the most significant diseases waiting for a cure in retinal research, it added.

Syncona Ltd., which is the parent company of Gyroscope Therapeutics, said the upfront proceeds from the deal will further strengthen its capital pool.

Source
AA

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