Gyroscope Therapeutics to be Acquired for up to $1.5 Billion
LONDON – 22 December 2021 – Gyroscope Therapeutics Holdings plc (“Gyroscope”), a clinical-stage gene therapy company focused on diseases of the eye, today announced an agreement has been reached for Novartis to acquire Gyroscope for an upfront payment of $800 million (£604 million) and up to $700 million (£528 million) potentially due upon the achievement of certain milestones. Closing of the transaction is subject to customary closing conditions including regulatory approvals. Until closing, Novartis and Gyroscope will continue to operate as separate and independent companies.
“I’m incredibly proud of the progress the Gyroscope team has made in developing what we hope may be the first gene therapy for a leading cause of blindness,” said Khurem Farooq, Chief Executive Officer, Gyroscope. “Joining forces with Novartis will greatly enhance our ability to deliver on our promise by providing additional expertise and resources to expand our development programme for GT005 and realise the potential of our exciting pipeline.”
About Gyroscope: Vision for Life
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. Our 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.
Supported by leading life sciences investors and biopharmaceutical companies, Gyroscope has built a global organisation combining discovery, research, drug development, a manufacturing platform and surgical delivery capabilities. Headquartered in London with locations in Philadelphia and San Francisco, our mission is to preserve sight and fight the devastating impact of blindness.
For more information visit: https://www.gyroscopetx.com/ and follow us on Twitter (@GyroscopeTx) and on LinkedIn.
VP, Corporate Affairs