Syncona announces that the sale of its portfolio company Gyroscope Therapeutics Holdings (Gyroscope) to Novartis, a leading global medicines company, for total consideration of up to $1.5 billion (£1.1 billion), has completed and the upfront cash payment of$800 million (£587 million) has been paid. In addition, up to $700 million (£514 million) in cash is potentially due upon the achievement of certain milestones.

The transaction generates upfront cash proceeds of$442 million (£325 million) for Syncona's holding in Gyroscope, further strengthening Syncona's capital base as it continues to build and fund its portfolio of life science companies over the long-term.

Syncona will continue to value the milestone payments, andSyncona's risk adjusted and discounted valuation of these payments for its holding in Gyroscope is estimated to be $64 million (£47 million).

Syncona is also positioned to benefit from any future commercialisation of Gyroscope's lead programme via a low single digit royalty on future sales revenue.