Novartis AG (SWX:NOVN) signed an agreement to acquire Gyroscope Therapeutics Holdings plc for £1.1 billion on December 22, 2021. The consideration included an upfront payment of £604 million and up to £528 million potentially due upon the achievement of certain milestones. Closing of the transaction is subject to customary closing conditions including regulatory approvals.

The transaction is expected to close in the first quarter of 2022. Until closing, Novartis and Gyroscope will continue to operate as separate and independent companies. As of February 18, 2022, Novartis AG has completed and the upfront cash payment £587 million has been paid.

In addition, up to £514 million in cash is potentially due upon the achievement of certain milestones. Centerview Partners LLC acted as a financial advisor to Gyroscope Therapeutics Holdings plc. Scott C Hopkins of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Gyroscope Therapeutics Holdings plc.

Bofa securities acted as financial advisor to Gyroscope Therapeutics.