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Novartis to acquire UK-based ocular gene therapy company

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[BUSINESS] Novartis to acquire UK-based ocular gene therapy company

Novartis will make an upfront payment of $800-million to acquire all of the outstanding share capital of the company, as well as potential additional milestone payments of up to $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.

 

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