Gyroscope Therapeutics to be acquired for up to $1.5 billion
- Gyroscope Therapeutics to be acquired for up to $1.5 billion
- Sale generates IRR of 55% for Syncona
- Agreement reached for Gyroscope Therapeutics to be acquired by Novartis for up to $1.5 billion (£1.1 billion1) with an upfront cash payment of $800 million (£604 million) and up to $700 million (£528 million) in cash potentially due upon the achievement of certain milestones
- Syncona co-founded Gyroscope in 2016, building and funding it through to this successful sale to Novartis
- Upfront cash proceeds for Syncona at closing anticipated to be £334 million2, which will represent a £180 million uplift (27p per share) to the current holding value3; a 3.0 multiple of original cost and 55% IRR4
- Ongoing exposure to Gyroscope’s development based on the achievement of milestones, with the potential to generate a further £255 million of proceeds for Syncona; if received in full, proceeds anticipated to be £589 million, a 5.2 multiple of original cost
Syncona Ltd, a leading healthcare company focused on founding, building and funding global leaders in life science, today announces that an agreement has been reached to sell its portfolio company Gyroscope Therapeutics Holdings plc ("Gyroscope") to Novartis, a leading global medicines company, for up to $1.5 billion (£1.1 billion) on a cash and debt free basis, with an upfront payment of $800 million (£604 million) and up to $700 million (£528 million) potentially due upon the achievement of certain customary milestones related to clinical development, regulatory approvals and reimbursement.