Syncona merges ophthalmology firms to create leading retinal gene therapy platform
Source - SMW
Healthcare company Syncona announced that its companies, Gyroscope Therapeutics and Orbit Biomedical, would merge to create the first fully integrated retinal gene therapy platform with clinical, delivery and manufacturing capabilities.
The merger would unite Orbit Biomedical's sub-retinal surgical platform with Gyroscope's retinal gene therapy platform and would retain the Gyroscope name.
Syncona would own 82% of the enlarged company, which represented a holding value of £28.9m.
"The merger ensures Gyroscope now has the key platform capabilities it requires 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 [age-related macular degeneration]," said Chris Hollowood, Chief Investment Officer of Syncona and Chair of Gyroscope, said:
The company also appointed Khurem Farooq as CEO and Ian Clark as Non-Executive Director, both formerly of Genentech. Soraya Bekkali, who led Gyroscope into the clinic, would continue to lead the research and development organisation as President, Head of R&D, whilst Mike Keane and Susan Hill, who led the founding and launch of Orbit, would become Gyroscope's Chief Technology Officer and Chief Business Office, respectively.
At 8:21am: (LON:SYNC) Syncona Ltd share price was +3.5p at 260p