Novartis gives up on dry-AMD drug

Swiss pharma giant Novartis (NOVN: VX) has discontinued development of GT005 in geographic atrophy (GA) secondary to dry-age-related macular degeneration (dry-AMD).

The decision was based on a recommendation from the independent Data Monitoring Committee following an overall benefit risk assessment of available data from the Phase II HORIZON program studies, which concluded futility criteria had been met.

GT005 is also known as PPY988 and was acquired as part of Novartis’ buy of the UK-based ocular gene therapy company Gyroscope Therapeutics from Syncona in 2022, with the Basel-based company paying $800 million upfront and potential milestone payments of up to $700 million.