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Novartis to Buy Ocular Gene Therapy Firm for Up to $1.5 Billion

The Novartis AG campus in Basel, Switzerland.

The Novartis AG campus in Basel, Switzerland.

Photographer: Stefan Wermuth/Bloomberg

Novartis AG agreed to buy Gyroscope Therapeutics, a U.K.-based ocular gene therapy company, for as much as $1.5 billion as the pharmaceutical giant pursues acquisitions of smaller firms with promising drug pipelines. 

The Swiss drugmaker will make an upfront payment of $800 million and potential additional milestone payments of $700 million, according to a statement Wednesday.