Syncona Says Sanofi to Invest up to $60 Million in Gyroscope Therapeutics
08 November 2021 - 03:07PM
Dow Jones News
By Ian Walker
Syncona Ltd. said Monday that Sanofi has agreed to invest up to
$60 million in its portfolio company Gyroscope Therapeutics
Holdings PLC.
The London-listed life-sciences investment company said that the
French pharma major will initially invest $40 million in Gyroscope
with the rest subject to a future investment round.
Sanofi will be entitled to appoint a research and development
executive to Gyroscope's clinical advisory board to advise on
Gyroscope's GT005 gene therapy. It will also have first refusal on
certain potential deals for GT005 in select geographies.
Syncona will retain a 49% shareholding in Gyroscope following
Sanofi's initial investment.
Shares at 1337 GMT were up 9.30 pence, or 4.7%, at 208.50
pence.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
November 08, 2021 08:52 ET (13:52 GMT)
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