Gyroscope Therapeutics Acquisition is Complete
LONDON – 18 February 2022 – Gyroscope Therapeutics Holdings plc (“Gyroscope”), a clinical-stage gene therapy company focused on diseases of the eye, today announced that Novartis, a leading global medicines company, has completed its acquisition of Gyroscope with an upfront payment of $800 million (£587 million) and up to $700 million (£514 million) potentially due upon the achievement of certain milestones.
About Gyroscope Therapeutics, a Novartis Company
Gyroscope Therapeutics is a clinical-stage gene therapy company developing gene therapy beyond rare disease to treat diseases of the eye that cause vision loss and blindness. The company was acquired by Novartis, a leading global medicines company, in February 2022.
Gyroscope’s lead investigational gene therapy, GT005, is currently being evaluated in Phase II clinical trials for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD), a leading cause of blindness. GT005 has received Fast Track designation from the U.S. Food and Drug Administration for the treatment of people with GA.
Guided by a mission to preserve sight and fight the devastating impact of blindness, Gyroscope has built a global organisation combining discovery, research, drug development, a manufacturing platform and surgical delivery capabilities.
Director, Corporate Affairs, Gyroscope