GENEVA, Dec 22 — Swiss pharmaceutical giant Novartis said today it was to acquire a UK-based biotech company developing gene therapies for eye diseases called Gyroscope Therapeutics.
Novartis will make an upfront payment of US$800 million to acquire all of the outstanding share capital of the company, as well as potential additional milestone payments of up to US$700 million, it said in a statement. Gyroscope Therapeutics has been developing a one-time gene therapy to treat an age-related condition known as geographic atrophy, which causes lesions on the retina and can cause blindness, it said.Novartis said the transaction’s closing was still subject to regulatory approvals. — AFP
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European stocks open on mixed note | Malay MailBERLIN, Dec 22 — European equities opened mixed today, with London dampened by news of a sharper-than-expected economic slowdown in the third quarter. The British capital’s benchmark FTSE 100 index of major blue-chip companies dipped 0.1 per cent to 7,287.19 points, compared with yesterday’s...
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