Syncona shares slump as Novartis ends eye treatment development

Syncona shares fell as the UK healthcare investment firm said Novartis had stopped the development of experimental eye treatment, GT005, resulting in milestone payments write-off of £54.5m for Gyroscope Holdings in which Syncona once held a 54% stake.

Gyroscope was sold to Novartis in February last year in $1.5bn deal, with Syncona receiving $442m (£326m) for its stake.