Syncona sells Gyroscope to Novartis for up to $1.5bn

Syncona on Wednesday said it had sold its portfolio company Gyroscope Therapeutics Holdings to Novartis for up to $1.5bn (£1.1bn) on a cash and debt free basis.

The company said it would receive an upfront payment of $800m, with another $700m potentially on offer via milestone payments related to clinical development, regulatory approvals and reimbursement.

On closing, the deal is expected to result in cash proceeds of £334m for Syncona, representing a £180m uplift to previous valuation and internal rate of return of 55%.

The sale could also generate a further £255m through future milestone payments, which if received would take total proceeds to £589m.