Novartis to acquire Gyroscope Therapeutics
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Novartis is set to acquire Gyroscope Therapeutics in a deal that could be worth up to $1.5 billion, according to press releases from both companies.
The deal includes an upfront payment of $800 million, while up to $700 million could be included if certain milestones are met.
The centerpiece of the deal is GT005, Gyroscope’s investigational gene therapy for geographic atrophy (GA) secondary to age-related macular degeneration. The treatment recently showed potential to regulate the complement pathway of GA in the phase 1/2 FOCUS trial.
“With our own pioneering research in ocular gene therapies and our experience gained from bringing Luxturna to inherited retinal dystrophy patients outside of the U.S., Novartis has a well-established expertise in ocular gene therapies that will position us well to continue developing this promising one-time treatment,” Marie-France Tschudin, president of Novartis Pharmaceuticals, said in the release.
“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,” Khurem Farooq, CEO of Gyroscope, said in the release. “Joining forces with Novartis will greatly enhance our ability to deliver on our promise by providing additional expertise and resources to expand our development program for GT005 and realize the potential of our exciting pipeline.”
Reference:
- Novartis to acquire Gyroscope Therapeutics, adding a one-time gene therapy that could transform care for geographic atrophy, a leading cause of blindness. https://www.novartis.com/news/media-releases/novartis-acquire-gyroscope-therapeutics-adding-one-time-gene-therapy-could-transform-care-geographic-atrophy-leading-cause-blindness. Published Dec. 22, 2021. Accessed Dec. 22, 2021.
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