Gyroscope Therapeutics

Syncona founded Gyroscope in 2016, to explore the convergence of advancements made in the understanding of the complement system’s impact on eye disease, the genetic basis of dry age-related macular degeneration (AMD), and gene therapy as a mode of sustained treatment delivery. Gyroscope’s gene therapy seeks to treat dry AMD by safely and effectively delivering a functioning gene to the eye using Adeno-Associated Virus (AAV) technology.

Dry AMD, a retinal disease, is a leading cause of irreversible blindness in people aged 50 and older, with no approved therapies. Gyroscope is focused on treating geographic atrophy (GA), a late stage of the disease, where there is no effective treatment for patients.

In December 2021 an agreement was reached for Novartis to acquire Gyroscope in a transaction worth up to $1.5 billion. 

Founding building and funding a company through to value realisation: 

  • Founded in 2016 upon the research of the late Sir Peter Lachmann into Complement Factor I
  • In 2019, Gyroscope merged with Orbit Biomedical, another Syncona company, bringing in house a high-quality surgical platform to develop and deliver its therapeutics commercially
  • Syncona invested £34 million in the business at the Series A, £48 million at the Series B, and £31 million in its syndicated Series C
  • Sold to Novartis in February 2022 for up to $1.5 billion, becoming at the time the fourth largest UK biotech exit
  • Initial proceeds to Syncona of £326 million, a 2.9 multiple on cost and 50% IRR

Other previous portfolio portfolio companies