By Ovunc Kutlu
ANKARA (AA) - Novartis said Wednesday it made a deal to acquire all the outstanding share capital of the UK-based ocular gene therapy company Gyroscope Therapeutics.
The Swiss-based multinational pharmaceutical corporation said in a statement it will make an upfront payment of $800 million and potential additional milestone payments of up to $700 million.
"Novartis has a well-established expertise in ocular gene therapies that will position us well to continue developing this promising one-time treatment," said President Marie-France Tschudin.
The move will strengthen Novartis’ position on geographic atrophy research, which is an advanced form of dry age-related macular degeneration that leads to progressive and irreversible vision loss.
While there are no approved treatments for geographic atrophy, it is one of the most significant diseases waiting for a cure in retinal research, it added.
Syncona Ltd., which is the parent company of Gyroscope Therapeutics, said the upfront proceeds from the deal will further strengthen its capital pool.