Swiss pharmaceutical giant Novartis said Wednesday 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 $800 million (710 million euros) 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.
The potential treatment is still undergoing clinical trials.
Novartis said the transaction's closing was still subject to regulatory approvals.
© 2021 AFP
