Sanofi to inject $60m into Gyroscope Therapeutics
Global biopharma business Sanofi is to invest up to $60 million in Stevenage-based life science company Gyroscope Therapeutics Holdings.
Sanofi has committed $40m up front. The remaining $20m is contingent on a future qualifying investment round and subject to the satisfaction of certain closing conditions.
As part of the deal a Sanofi R & D executive will join Gyroscope’s clinical advisory board to guide on matters related to the development of GT005, Gyroscope’s lead investigational gene therapy being developed for geographic atrophy (GA) secondary to age-related macular degeneration (AMD).
Gyroscope has granted Sanofi an exclusive right of first refusal on certain potential future transactions for GT005 in select geographies.
Khurem Farooq, chief executive officer, Gyroscope, said: “We are thrilled to welcome Sanofi onboard as an investor in Gyroscope. Their investment is a testament to the promise of our science and gene therapy programmes to make a difference for people with serious eye diseases.
“We believe our lead investigational gene therapy, GT005, has the potential to be the first gene therapy for geographic atrophy, a devastating cause of vision loss for more than five million people globally, and we’re pleased to recently announce additional encouraging data from our ongoing Phase I/II FOCUS clinical trial.”
Gyroscope plans to use proceeds from this investment to support funding of ongoing clinical trials of GT005 in GA. GT005 has been granted Fast Track designation by the U.S. Food and Drug Administration and is being evaluated in Phase II clinical trials.