Syncona Limited completes sale of Gyroscope Therapeutics

LONDON: Syncona Ltd, a leading healthcare company focused on founding, building and funding global leaders in life science, announced that the sale of its portfolio company Gyroscope Therapeutics Holdings plc to Novartis, a leading global medicines company, for total consideration of up to $1.5 billion (£1.1 billion1), has completed and the upfront 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.

The transaction generates upfront cash proceeds of $442 million (£325 million) for Syncona’s holding in Gyroscope2, further strengthening Syncona’s capital base as it continues to build and fund its portfolio of life science companies over the long-term.

Syncona will continue to value the milestone payments, and Syncona’s risk adjusted and discounted valuation of these payments for its holding in Gyroscope is estimated to be $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.

Syncona Limited completes sale of Gyroscope Therapeutics

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