Gyroscope Therapeutics Holdings, a UK-based Phase 2 biotech developing gene therapies for ocular diseases, announced terms for its IPO on Monday.
The Hertfordshire, United Kingdom-based company plans to raise $142 million by offering 6.8 million ADSs at a price range of $20 to $22. At the midpoint of the proposed range, Gyroscope Therapeutics Holdings would command a fully diluted market value of $633 million.
Gyroscope's mission is to preserve sight and fight the devastating impact of blindness, with an initial focus on age-related macular degeneration (AMD). The company is developing a differentiated pipeline of recombinant adeno-associated virus gene therapy candidates. Its lead investigational gene therapy, GT005, is advancing in an ongoing Phase 1/2 trial and is being evaluated in Phase 2 trials in two different genetically defined patient populations with geographic atrophy, an advanced form of dry AMD.
Gyroscope Therapeutics Holdings was founded in 2016 and booked $1 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol VISN. Morgan Stanley, Goldman Sachs and Citi are the joint bookrunners on the deal. It is expected to price during the week of May 3, 2021.
