Syncona announces Novartis discontinuing development of GT005 for geographic atrophy

(Image Credit: AdobeStock/Andrii Yalanskyi)

In a news release, healthcare investment trust Syncona Ltd announced that pharmaceutical company Novartis would discontinue development of GT005. The decision was based on a recommendation from the Independent Data Monitoring Committee, based on data from the Phase II HORIZON study. GT005 was under development for addressing geographic atrophy (GA) secondary to dry age-related macular degeneration (AMD).¹

Novartis acquired Gyroscope Holdings Limited from Syncona in February 2022. According to the statement from Syncona, the Independent Data Monitoring Committee performed an “overall benefit risk assessment of available data from the program studies.” The committee concluded that the available data did not support continuation of development for GT005.

Chris Hollowood, CEO of Syncona Investment Management Limited, addressed the news in the company’s press statement. “We are naturally disappointed for patients following the decision to discontinue GT005, but we respect Novartis’ decision,” he wrote. “We remain focussed on our strategy of building and maintaining our portfolio of companies providing significant opportunities to deliver strong risk-adjusted returns to our shareholders and to make a difference to the lives of patients with devastating diseases.”

Syncona received upfront cash proceeds of £326 million ($442 million) for its holding in Gyroscope. Additional Gyroscope milestone payments will be written off, in a negative £54.5 million valuation impact, the company said.

Reference:

1. Update on Gyroscope and associated milestone payments. News release. Syncona Ltd. Published 11 September 2023, accessed 12 September 2023.