Sanofi to invest up to Rs 445 crore in Gyroscope Therapeutics
London: Gyroscope Therapeutics Holdings plc has recently announced that Sanofi, a global biopharmaceutical company, has committed to invest up to USD $60.0 million (GBP £44.5 million) in equity in Gyroscope.
Sanofi will invest $40.0 million in Gyroscope initially, at a premium to Gyroscope's prior Series C financing, 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.
"We are thrilled to welcome Sanofi onboard as an investor in Gyroscope. Their investment is a testament to the promise of our science and gene therapy programmes to make a difference for people with serious eye diseases," said Khurem Farooq, Chief Executive Officer, Gyroscope. "We believe our lead investigational gene therapy, GT005, has the potential to be the first gene therapy for geographic atrophy, a devastating cause of vision loss for more than 5 million people globally, and were pleased to recently announce additional encouraging data from our ongoing Phase I/II FOCUS clinical trial."
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