RTTNews | Dec 22, 2021 02:32AM EST

02:32 Wednesday, December 22, 2021 (RTTNews.com) - 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.

Read the original article on RTTNews ( https://www.rttnews.com/3250993/syncona-to-sell-gyroscope-therapeutics-to-novartis-for-up-to-1-5-bln.aspx)

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