Novartis (NYSE:NVS) has entered into an agreement to acquire U.K.-based Gyroscope Therapeutics, which specializes in ocular gene therapy company.
The acquisition would add GT005, an investigational gene therapy for geographic atrophy, to its pipeline.
Geographic atrophy is an eye-sight-threatening condition occurring in some patients with dry age-related macular degeneration.
Dry AMD is the most common cause of vision loss in individuals over 55.
GT005 is the subject of three active clinical trials.
Last year, Gyroscope Therapeutics won Fast Track designation from FDA for GT005.
As part of the deal, Novartis will pay $800 million upfront and up to $700 million in further milestone payments.
The acquisition is subject to customary closing conditions.
In November, London-based Gyroscope announced that it had received an investment from Sanofi worth up to $60 million.
Filed Under: clinical trials, Drug Discovery, Ophthalmology