Syncona shares slump as Novartis ends eye treatment development

(Sharecast News) - Syncona shares fell as the UK healthcare investment firm said Novartis had stopped the development of experimental eye treatment, GT005, resulting in milestone payments write-off of £54.5m for Gyroscope Holdings in which Syncona once held a 54% stake. Gyroscope was sold to Novartis in February last year in $1.5bn deal, with Syncona receiving $442m (£326m) for its stake.