MeiraGTx Holdings Plc (NASDAQ: MGTX) shares are experiencing an upward trajectory on the stock market today. In the morning session, MeiraGTx’s stock displayed a notable surge of 26.76%, reaching $4.69 at the last check. This positive trend in MGTX’s stock value is attributed to the company’s recent announcement of securing a strategic investment.
MeiraGTx (MGTX) stands as a vertically integrated, clinical-stage gene therapy enterprise. MGTX has officially disclosed strategic developments, with the noteworthy revelation that Sanofi has injected $30 million into the company through the acquisition of 4.0 million ordinary shares, each priced at $7.50 per share.
This substantial financial involvement represents Sanofi’s maiden foray into strategic investments with MeiraGTx. It is noteworthy that MeiraGTx perceives Sanofi’s keen interest in its Riboswitch gene regulation technology, alongside a parallel enthusiasm for MGTX’s clinical Xerostomia program, which serves as further validation of the comprehensive capabilities inherent in their vertically integrated platform.
MeiraGTx has unequivocally committed to collaborating closely with Sanofi as they advance these programs. Sanofi, a stalwart in the quest for pioneering medicines and vaccines, maintains an open-minded approach toward technological innovations that can facilitate their pursuit of future scientific advancements.
The Riboswitch platform offered by MeiraGTx, bolstered by its distinctive manufacturing prowess, represents precisely the type of innovation Sanofi seeks. This collaborative effort between Sanofi and MeiraGTx is poised to usher in a new era of groundbreaking medications tailored to address immune-mediated and neurological diseases.
MeiraGTx, with its extensive expertise in genetic medicines, boasts late-stage clinical initiatives, world-class end-to-end manufacturing capabilities, and a revolutionary Riboswitch gene regulation technology. In light of the considerable interest expressed by various parties over recent months, all keen on exploring mutually advantageous strategic transactions related to certain assets of the company, Sanofi has enlisted the services of Evercore and Wachtell Lipton to collaborate with MeiraGTx’s management and Board of Directors in the execution of one or more of these potential strategic transactions.
