Gyroscope Therapeutics Acquisition, Valuation, Funding & Investors

Gyroscope Therapeutics was acquired by Novartis for $1.5B in December 2021.

Gyroscope Therapeutics acquisition price

$1.5B

Acquired by Novartis · Dec 2021

Gyroscope Therapeutics revenue at acquisition

$3M

Last twelve months · Dec 2021

Cumulative funding Gyroscope Therapeutics raised

$271M

across 4 funding rounds

Key investors in Gyroscope Therapeutics

  • Syncona
  • Cambridge Innovation Capital
  • T. Rowe Price
  • Forbion Capital Partners
  • Sofinnova Investments
  • University of Cambridge Enterprise

Gyroscope Therapeutics Overview

About Gyroscope Therapeutics

Gyroscope Therapeutics is a Stevenage-headquartered clinical-stage biotechnology firm advancing gene therapies for retinal diseases. Its lead asset GT005 delivers a one-time subretinal injection expressing complement factor I to treat geographic atrophy secondary to dry age-related macular degeneration. Currently in Phase II FOCUS, EXPLORE, and HORIZON trials across the UK, US, and Europe, GT005 has Orphan Drug Designation from the FDA and EMA. Novartis acquired the company in 2021 to bolster its ophthalmology pipeline.


Founded

2016

HQ

United KingdomStevenage

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$3M (Dec 2021)

Valuation

$467M (Mar 2021)

Gyroscope Therapeutics Acquisition

Gyroscope Therapeutics was acquired by Novartis for $1.5B on 22 December 2021.

Before the acquisition Gyroscope Therapeutics had raised $271M across 4 funding rounds.

Gyroscope Therapeutics acquisition details
AcquirerDateTypePriceEV/Revenue
22 Dec 2021Strategic M&A$1.5B535.7x

Gyroscope Therapeutics Valuation

Gyroscope Therapeutics is currently valued at $467M, based on its Series C in March 2021.

The $149M round was led by Forbion Capital Partners, with participation from Fosun Pharma, Tetragon Financial Group, T. Rowe Price, Cambridge Innovation Capital, Sofinnova Investments and 1 other investor.

Gyroscope Therapeutics valuation by funding round

Gyroscope Therapeutics valuation by funding round
DateStageValuation
Mar 2021Series C$467M

Gyroscope Therapeutics Funding History

Gyroscope Therapeutics has raised a total of $271M across 4 funding rounds.

Gyroscope Therapeutics' first fundraising round was a Series A in May 2016. The most recent completed round was a $60M strategic investment round in November 2021.

Gyroscope Therapeutics funding rounds

Gyroscope Therapeutics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2021Strategic investmentSanofi (lead)$60M-Gyroscope Therapeutics is a clinical-stage gene therapy company focused on diseases of the eye, particularly developing GT005, an investigational gene therapy for geographic atrophy (GA) secondary to age-related macular degeneration (AMD). GT005 has received Fast Track designation from the FDA and was in Phase I/II FOCUS and Phase II clinical trials around 2021. On November 8, 2021, Sanofi committed to invest up to $60 million in equity, with an initial $40 million investment at a premium to Gyroscope's prior Series C financing, and the remaining $20 million contingent on a future qualifying investment round. The proceeds were intended to support ongoing clinical trials for GT005 and advance the early-stage pipeline and proprietary Orbit delivery technology. The Series C financing, completed in March 2021, raised $148 million led by Forbion’s Growth Opportunities Fund, with participation from Sofinnova Investments and others. Prior to the Sanofi investment, Syncona Ltd. held a 62.2% stake; post-investment, its share dropped to 49%, valued at 154 million British pounds (approximately $208 million). Sanofi gained a seat on Gyroscope’s Clinical Advisory Board and an exclusive right of first refusal on certain future transactions for GT005 in select geographies. Gyroscope had attempted an IPO in May 2021 to raise at least $135 million but postponed it due to market conditions. The Sanofi investment provided a cash infusion shortly after positive early safety and biological data from GT005 and five weeks post-Series C.
Mar 2021Series CForbion Capital Partners (lead); Fosun Pharma; Tetragon Financial Group; T. Rowe Price; Cambridge Innovation Capital; Sofinnova Investments; Syncona$149M$467MGyroscope Therapeutics is a clinical-stage gene therapy company focused on developing therapies for diseases of the eye causing vision loss and blindness, with lead candidate GT005 in Phase II trials for geographic atrophy secondary to age-related macular degeneration. The company raised $148 million in a Series C round in early 2021 led by Forbion Capital Partners, with participation from Cambridge Innovation Capital, Fosun Pharma, Sofinnova Investments, Syncona, T. Rowe Price, and Tetragon Financial Group. Prior to this, Gyroscope had completed a $61.2 million Series B in 2019 led by Syncona. The company was headquartered in London, UK, with a U.S. site near Philadelphia, PA, and developed its own Orbit surgical delivery system alongside gene therapies. In November 2021, Gyroscope received up to $60 million in equity investment from Sanofi, starting with $40 million at a premium to prior valuation. Later that month, the company announced plans for a $135-149 million IPO on Nasdaq but postponed it due to market conditions. In December 2021, Novartis agreed to acquire Gyroscope for an upfront $800 million plus up to $700 million in milestones, totaling up to $1.5 billion, to advance GT005 which had FDA Fast Track designation.
Sep 2019Series BSyncona (lead); Cambridge Innovation Capital$62M-Gyroscope Therapeutics is a UK-headquartered gene therapy developer founded in 2016, co-founded by University of Cambridge and Syncona, focusing on therapies for eye diseases like age-related macular degeneration (AMD). Its lead product, GT005, is a retinal gene therapy in phase 2 trials for geographic atrophy secondary to dry AMD. Syncona led a $61.2 million series B round in 2019, matching the investors and approximate date, with participation from Singaporean sovereign wealth fund GIC. Cambridge Innovation Capital participated in a subsequent $148
May 2016Series ASyncona (lead); University of Cambridge Enterprise--Syncona founded and launched Gyroscope Therapeutics in May 2016 to develop a one-time AAV gene therapy for geographic atrophy in dry age-related macular degeneration, building the company around complement biology work by Peter Lachmann at Cambridge and retinal surgery work by Robert MacLaren at Oxford. Syncona committed GBP 34 million to the Series A over the life of the round and took majority control, with Cambridge Enterprise investing as seed backer from the university side. The financing funded preclinical development of GT005 and the build-out of the company in Stevenage.

Who has invested in Gyroscope Therapeutics?

9 investors have backed Gyroscope Therapeutics across its funding rounds, including Syncona, Cambridge Innovation Capital, T. Rowe Price, Forbion Capital Partners, Sofinnova Investments and University of Cambridge Enterprise.

Lead investors include Sanofi, Forbion Capital Partners and Syncona.


Gyroscope Therapeutics Investors

Investors in Gyroscope Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
SynconaUnited KingdomLondon3LeadMay 2016
Cambridge Innovation CapitalUnited KingdomCambridge2ParticipantSep 2019
University of Cambridge EnterpriseUnited KingdomUnited Kingdom1ParticipantMay 2016
Fosun PharmaChinaShanghai1ParticipantMar 2021
Tetragon Financial GroupNetherlandsNew York City, NY1ParticipantMar 2021
T. Rowe PriceUnited StatesBaltimore, MD1ParticipantMar 2021
SanofiFranceParis1LeadNov 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Gyroscope Therapeutics

Gyroscope Therapeutics has acquired 1 company to date.

Last acquisition by Gyroscope Therapeutics was on April 11th 2019. Gyroscope Therapeutics acquired Orbit Biomedical for undisclosed valuation.


Latest Acquisitions by Gyroscope Therapeutics

Orbit Biomedical
Description
Orbit Biomedical is a Philadelphia-based developer of precision surgical delivery systems for gene and cell therapies. Founded in 2018, the company received Series A funding from Syncona, a FTSE 250 healthcare investor. Orbit focuses on improving accuracy, safety, and consistency in therapeutic delivery to target tissues, advancing treatments for complex diseases.
HQ CountryUnited States
HQ City
Philadelphia, PA
Deal Date11 Apr 2019
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Gyroscope Therapeutics Competitors

Gyroscope Therapeutics competitors include listed companies like Immunocore Holdings and Zhejiang Wolwo Bio-Pharma, and private ones like Rakuten Medical, FibroGen, ArsenalBio and BioRay Pharmaceuticals.

Public and private companies comparable to Gyroscope Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Immunocore HoldingsUnited StatesUnited StatesPublicly listed$400M($20M)$1.7B2.8x
Rakuten MedicalUnited StatesSan Diego, CAPrivate--$1.7B-
FibroGenUnited StatesSan Francisco, CAPrivate$108M-$1.2B11.3x
ArsenalBioUnited StatesUnited StatesPrivate--$1.9B-
BioRay PharmaceuticalsChinaShanghaiPrivate$131M-$1.9B14.5x
Zhejiang Wolwo Bio-PharmaChinaChinaPublicly listed$158M$69M$1.5B8.5x

Gyroscope Therapeutics Public Comps

Gyroscope Therapeutics is no longer listed, but its public comps include Zhejiang Wolwo Bio-Pharma, Lotus Pharmaceutical, Bicara Therapeutics, Pharma Mar, Nippon Shinyaku, Xeris Biopharma, Marksans Pharma, Savaria, Avalyn Pharma and Innoviva.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Zhejiang Wolwo Bio-Pharma$158M$69M8.3x8.5x19.0x-
Lotus Pharmaceutical$644M$252M4.9x3.2x12.4x8.9x
Bicara Therapeutics-($155M)--(6.4x)(5.4x)
Pharma Mar$255M$77M5.3x5.5x17.5x27.5x
Nippon Shinyaku$1.1B$271M1.0x0.9x3.9x3.9x
Xeris Biopharma$292M$38M5.7x4.6x44.1x28.2x
Marksans Pharma$307M$68M4.7x4.3x21.2x20.2x
Savaria$655M$113M2.5x2.3x14.3x11.2x

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Common questions about Gyroscope Therapeutics

When was Gyroscope Therapeutics founded?Gyroscope Therapeutics was founded in 2016.
Where is Gyroscope Therapeutics headquartered?Gyroscope Therapeutics is headquartered in Stevenage, United Kingdom.
Is Gyroscope Therapeutics publicly listed?No, Gyroscope Therapeutics was acquired by Novartis in December 2021.
Who acquired Gyroscope Therapeutics?Gyroscope Therapeutics was acquired by Novartis in December 2021.
How much was Gyroscope Therapeutics acquired for?Gyroscope Therapeutics was acquired for $1.5B in December 2021.
What is Gyroscope Therapeutics' valuation?Gyroscope Therapeutics was last valued at $467M in its Series C in March 2021.
How much funding has Gyroscope Therapeutics raised?Gyroscope Therapeutics has raised $271M across 4 funding rounds.
What was Gyroscope Therapeutics' last funding round?Gyroscope Therapeutics' last funding round was a $60M strategic investment round in November 2021, led by Sanofi.
Who are Gyroscope Therapeutics' investors?Gyroscope Therapeutics' investors include Syncona, Cambridge Innovation Capital, University of Cambridge Enterprise, Fosun Pharma, Tetragon Financial Group, T. Rowe Price, Sanofi, Sofinnova Investments and Forbion Capital Partners.
Which companies are comparable to Gyroscope Therapeutics?Companies comparable to Gyroscope Therapeutics include Immunocore Holdings, Rakuten Medical, FibroGen, ArsenalBio, BioRay Pharmaceuticals and Zhejiang Wolwo Bio-Pharma.
How many companies has Gyroscope Therapeutics acquired?Gyroscope Therapeutics has acquired 1 company, including Orbit Biomedical.

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