Why Is Gene Therapy Company MeiraGTx Stock Trading Higher Today?

MEIRAGTX HOLDINGS PLC -2.49%
Sanofi Sponsored ADR -0.14%

MEIRAGTX HOLDINGS PLC

MGTX

4.69

-2.49%

Sanofi Sponsored ADR

SNY

48.44

-0.14%

MeiraGTx Holdings plc (NASDAQ:MGTX) shares are trading higher after French pharma giant Sanofi SA (NASDAQ:SNY) made a $30 million investment in the company. It purchased 4.0 million ordinary shares at $7.50 per share.

Alexandria Forbes, president and chief executive officer of MeiraGTx, commented, "We view Sanofi's interest in our Riboswitch gene regulation technology and our clinical Xerostomia program as further validation of the broad potential of our vertically integrated platform, and we are excited to work with Sanofi as we advance these programs." 

Sanofi also received a right of first negotiation for the use of MeiraGTx's Riboswitch gene regulation technology for certain Immunology and Inflammation (I&I) and Central Nervous System targets, as well as for GLP-1 and other gut peptides for metabolic disease and MeiraGTx's Phase 2 Xerostomia program.

In addition, MeiraGTx has been approached by multiple parties with strategic interest in different assets of the company and is actively pursuing these options.

In June, MeiraGTx released data from the completed Phase 1 AQUAx study of AAV2-hAQP1  for grade 2/3 radiation-induced xerostomia (RIX), which includes the final 12-month data from all bilaterally treated participants.

Clinically meaningful improvements in xerostomia symptoms were observed, measured by two different xerostomia PROs demonstrated across unilaterally and bilaterally treated cohorts at 12 months.

Price Action: MGTX shares are up 17.40% at $4.34 on the last check Monday.

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