Novartis is buying Gyroscope Therapeutics for up to $1.5 billion, as the Swiss drugmaker looks to bolster its gene therapy roster with the British firm’s treatment for an eye condition that can cause blindness.
Gyroscope’s parent company, London-listed healthcare investment firm Syncona Ltd, said on Wednesday that Novartis will pay $800 million upfront and up to $700 million in additional milestone payments.
The deal, which Novartis plans to fund with cash in hand, comes after the Swiss drugmaker raised $20.7 billion by selling a nearly one-third voting stake in Roche last month.
Read more/Source: Reuters
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