Cambridge spinout Gyroscope, which counts Fosun as an investor, is set to be picked up for a healthy premium on the projected valuation at which it failed to float in May.
Pharmaceutical firm Novartis has agreed to purchase Gyroscope Therapeutics, a UK-based ocular gene therapy developer backed by conglomerate Fosun, for up to $1.5bn, indicating an alternative to flotations for life sciences exits.
Founded by University of Cambridge and life science investment firm Syncona, Gyroscope is working on gene therapy treatments for geographic atrophy, which is an advanced form of dry age-related macular degeneration, a condition with no currently approved treatments that can lead to irreversible vision loss.
Novartis is set…
