Syncona shares slump as Novartis ends eye treatment development

By Frank Prenesti

Date: Monday 11 Sep 2023

(Sharecast News) - Syncona shares fell as the UK healthcare investment firm said Novartis had stopped the development of experimental eye treatment, GT005, resulting in milestone payments write-off of £54.5m for Gyroscope Holdings in which Syncona once held a 54% stake.
Gyroscope was sold to Novartis in February last year in $1.5bn deal, with Syncona receiving $442m (£326m) for its stake.

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