MeiraGTx climbs as Sanofi makes $30 million investment

MeiraGTx Holdings

30/10/2023 12:10

** 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;))