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BUZZ-MeiraGTx climbs as Sanofi makes $30 million investment
Dow Jones Industrial Average DJI | 44303.40 | -0.99% |
S&P 500 INDEX SPX | 6025.99 | -0.95% |
MEIRAGTX HOLDINGS PLC MGTX | 6.81 | -2.01% |
NASDAQ IXIC | 19523.40 | -1.36% |
** MeiraGTx Holdings PLC's shares MGTX.O rise 24% to $4.6 premarket
** Drug developer says Sanofi SASY.PA has made a $30 mln strategic investment in co through the purchase of 4 mln shares at $7.5 apiece
** MGTX says it is being approached by multiple parties with strategic interest in different assets and is actively pursuing these options
** Sanofi to receive right of first negotiation for the use of MGTX's gene regulation technology for certain Immunology and Inflammation and Central Nervous System (CNS) targets
** Sanofi will also get the right of first negotiation for MGTX's mid-phase Xerostomia program
** Evercore Group is serving as financial advisor for MGTX
** Up to Friday's close, stock down ~43% YTD
(Reporting by Khushi Mandowara in Bengaluru)
((Khushi.Mandowara@thomsonreuters.com;))