Syncona completes sale of Gyroscope to Novartis
Syncona is pleased to announce the completion of the sale of Gyroscope to Novartis. Key highlights include:
- Up front cash payment of $800 million (£587 million) has been paid. In addition, up to $700 million (£514 million) in cash is potentially due upon the achievement of certain milestones
- Transaction generates upfront cash proceeds of $442 million (£325 million) for Syncona’s holding in Gyroscope
- Syncona’s risk adjusted and discounted valuation of the milestone payments from the transaction is $64 million (£47 million)
Syncona is also positioned to benefit from any future commercialisation of Gyroscope’s lead programme via a low single digit royalty on future sales revenue.
For full details please see here.