Novartis reached an agreement to acquire Gyroscope Therapeutics. Thus combining Single-administration gene therapy that could alter geographic atrophy treatment, one of the leading causes of blindness.
The final agreement reached to acquire all of the company’s outstanding share capital UK-based ocular gene therapy firm Novartis confirmed in a statement.
Geographic atrophy (GA) is an advanced form of dry age-related macular degeneration (AMD) that involves progressive and irreversible vision loss.. There is no approved treatment for GA, making it one of the most important unmet needs in retinal disease.
The acquisition, according to Novartis, will incorporate GT005, a single delivery gene therapy is being investigated, which is currently in Phase II for the treatment of people living with GA. GT005 was designed as an investigated single delivery gene therapy based on the adeno-associated virus AAV2 for secondary GA in under-retinal AMD. GT005 aims to restore the balance of the overactive complement system, part of the immune system, through the overproduction of the CFI protein.
Novartis will make an upfront payment of $800 million and possible additional payments of up to $700 million. Closing of the transaction is subject to customary closing conditions, including regulatory approvals. Until closing, Novartis and Gyroscope Therapeutics will continue to operate as separate and independent companies.
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