Syncona confirms merger of its Gyroscope and Orbit businesses
By Josh White
Date: Thursday 11 Apr 2019
(Sharecast News) - Healthcare investment company Syncona announced the merger of its companies Gyroscope Therapeutics - an ophthalmology company developing genetically defined therapies for retinal diseases - and specialist subretinal therapeutic medical device company Orbit Biomedical on Thursday.
The FTSE 250 firm said it will own 82% of the enlarged company - a holding value of £28.9m - which will retain the Gyroscope name.
It said the merger would create the first fully integrated retinal gene therapy company with high-quality manufacturing, and a surgical platform that could support accurate, safe and consistent subretinal delivery of treatments to patients with blinding conditions.
"Gyroscope is one of the first companies globally to move gene therapy out of rare diseases through the delivery of natural regulatory proteins," said Syncona chief investment officer and Gyroscope chair Chris Hollowood.
"As retinal gene therapy progresses to more prevalent conditions, delivering a therapeutic in a way that ensures higher consistency of dosing, whilst allowing patients to receive a less invasive treatment, is key to widespread use and clinical effectiveness."
Hollowood said the merger would ensure Gyroscope now had the key platform capabilities it required to develop and deliver its therapeutics commercially.
"This marks an important step in fulfilling founding academics David Kavanagh and Andrew Lotery's vision of widespread use of genetically defined treatments for dry AMD."
Syncona explained that, as it entered its next phase of growth towards commercial development, the merged group would be led by newly-appointed CEO Khurem Farooq.
Farooq most recently held the position of senior vice president of the business unit immunology and ophthalmology at Genentech, where he was responsible for managing the commercial success of 'Lucentis' and the pre-launch activities for 'Lampalizumab'.
Soraya Bekkali, who had led Gyroscope into the clinic, would continue to lead the research and development organisation as president, head of research and development, while Mike Keane and Susan Hill, who led the founding and launch of Orbit, would become Gyroscope's chief technology officer and chief business officer respectively.
Additionally, Ian Clark, who most recently served as chief executive of Genentech, had been appointed as a non-executive director.
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