Syncona Ltd, a leading healthcare company focused on founding, building and funding a portfolio of global leaders in life science, today announced Sanofi, a global biopharmaceutical company, has committed to invest up to $60.0 million (£44.5 million) in equity of Gyroscope Therapeutics Holdings plc (“Gyroscope”).
Sanofi will invest $40.0 million in Gyroscope initially and the remaining $20.0 million will be invested contingent on a future qualifying investment round and subject to the satisfaction of certain closing conditions.
Chris Hollowood, Chief Investment Officer of Syncona Investment Management Limited and Chairman of Gyroscope, said: “We are delighted that Sanofi is investing alongside us in Gyroscope. Gyroscope has made significant progress since its foundation in 2016, stewarded by a world-class management team. It has reported encouraging data from its Phase I/II study with its investigational gene therapy, GT005, which is now being evaluated in Phase II clinical trials for the treatment of geographic atrophy.”
Hollowood concluded, “We are excited about the potential of the therapies Gyroscope is seeking to develop for patients in an area where there are no treatment options. Today’s investment by one of the globally leading biopharmaceutical firms, Sanofi, further validates the potential of these therapies and the opportunity that lies ahead, providing the business with additional financing to continue to execute its clinical development.”