Ventyx rises on $27 million investment from Sanofi

Ventyx Biosciences

23/09/2024 14:02

** Shares of Ventyx Biosciences  VTYX.O  rise 16.5% to $2.66
premarket
    ** Says French drugmaker Sanofi  SASY.PA  to make equity
investment of $27 million in Ventyx
    ** Sanofi will purchase 70,601 of co's Series A non-voting
convertible preferred stock, each of which can initially be
converted into 100 common shares - VTYX
    ** VTYX agrees to grant Sanofi exclusive right of first
negotiation for certain programs associated with its drug
candidate, VTX3232, being developed to treat diseases including
Parkinson's disease and obesity
    ** VTX3232 belongs to a class of drugs that can pass through
the brain's protective barrier to block a specific protein
called NLRP3, involved in inflammation
    ** Brokerage Piper Sandler says deal emphasizes strong
strategic interest in NLRP3-targeting mechanism used by the
drug, which can be used to treat multiple diseases
    ** Up to last close, stock down ~7% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com))