By Joe Hoppe

Syncona Ltd. shares rose Wednesday after it said Novartis AG has agreed to acquire its portfolio company Gyroscope Therapeutics Holdings PLC for up to $1.5 billion.

Shares at 0954 GMT were up 17.0 pence, or 8.5% at 217.0 pence.

The London-listed life-sciences investment company said the deal is comprised of an upfront cash payment of $800 million and up to $700 million on the achievement of certain milestones.

Syncona said it expects upfront cash proceeds of up to 334 million pounds ($443.2 million) from the point of sale of the ocular gene therapy company, representing a GBP180 million uplift to its current holding value, and up to GBP255 million of potential further proceeds.

The company said that the upfront proceeds will further strengthen its capital pool and improve its ability to expand its portfolio and fund companies.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

December 22, 2021 05:30 ET (10:30 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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