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Novartis gene therapy research

Executive Summary

Swiss company closes SyStemix Palo Alto research facility, discontinuing research on cell-based gene therapy. Novartis will focus gene therapy research exclusively on in vivo gene therapy oncology products, which are being developed at GTI in Gaithersburg, Md. About 180 positions, most at SyStemix, were eliminated as GTI and SyStemix operations were consolidated. The company expects to have an oncolytic vector gene therapy in clinical trials in two years. Novartis may outlicense SyStemix' cell-based gene therapy programs. Sandoz purchased a 60% stake in SyStemix in 1991 for $392 mil. (prior to becoming Novartis), increased its stake to 72% in 1995 for $80 mil., and Novartis bought the remaining shares in 1997 for $100 mil
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PS036381

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