By Ian Walker

 

Syncona Ltd. said Monday that Sanofi has agreed to invest up to $60 million in its portfolio company Gyroscope Therapeutics Holdings PLC.

The London-listed life-sciences investment company said that the French pharma major will initially invest $40 million in Gyroscope with the rest subject to a future investment round.

Sanofi will be entitled to appoint a research and development executive to Gyroscope's clinical advisory board to advise on Gyroscope's GT005 gene therapy. It will also have first refusal on certain potential deals for GT005 in select geographies.

Syncona will retain a 49% shareholding in Gyroscope following Sanofi's initial investment.

Shares at 1337 GMT were up 9.30 pence, or 4.7%, at 208.50 pence.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

November 08, 2021 08:52 ET (13:52 GMT)

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