Continuing an R&D revamp, GlaxoSmithKline hands off its rare disease unit to Orchard Therapeutics
GlaxoSmithKline couldn’t find a buyer for their gene therapy unit, but they did find a taker.
GSK said this morning that it has lateraled off the group to a venture-backed startup called Orchard Therapeutics, which includes co-founder Andrea Spezzi in a group of ex-GSK staffers with close ties to Strimvelis, a pioneering gene therapy that was a key part of this deal. After shopping the deal for months, the GSK team ended up virtually giving it away in exchange largely for a chunk of equity — underscoring their inability to create much value in the effort.
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