Novartis to acquire Gyroscope, adding a one-time gene therapy for eye diseases

Swiss pharma giant Novartis (NOVN: VX) announced today that it entered into a definitive agreement to acquire all of the outstanding share capital of the UK-based ocular gene therapy company Gyroscope Therapeutics, which was formed in 2016 and co-funded by Syncona.

Under the accord, Novartis will pay 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.

Geographic atrophy (GA) is an advanced form of dry age-related macular degeneration (AMD) that leads to progressive and irreversible vision loss. There are no approved treatments for GA, making it one of the most significant unmet needs remaining in retinal diseases.