Updated: Novartis discontinues lead Gyroscope gene therapy after $800M+ buyout

No­var­tis is pulling the plug on the lead gene ther­a­py pro­gram from a biotech it paid $800 mil­lion up­front to ac­quire, as the Big Phar­ma con­tin­ues to re­or­ga­nize its pipeline.

No­var­tis said Mon­day that GT005, a gene ther­a­py de­vel­oped by Gy­ro­scope Ther­a­peu­tics for ge­o­graph­ic at­ro­phy for pa­tients with dry age-re­lat­ed AMD, is be­ing dis­con­tin­ued af­ter a Phase II tri­al did not pass muster with an in­de­pen­dent da­ta mon­i­tor­ing com­mit­tee.

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