Syncona down on writing off 54.5 mln stg as Novartis ends Gyroscope's therapy

Syncona

11/09/2023 12:26

** Healthcare firm Syncona Ltd's shares  SYNCS.L  down 3% at
124p 
    ** Co said Novartis has discontinued the development of
experimental eye treatment, GT005, which was lead asset of
Gyroscope Holdings 
    ** SYNCS had holding in Gyroscope, and also received $442
mln of the total $800 mln in upfront payment when Novartis
acquired Gyroscope in 2022 
    ** Syncona was also eligible to a series of milestone
payments
    ** Novartis's discontinuation will result in the Gyroscope
milestone payments being written off, resulting in a negative
54.5 million pounds ($68.18 million)
    ** Up to Friday's close, stock down ~31% YTD 
    
($1 = 0.7994 pounds)