MeiraGTx Says Sanofi Acquired 4 Mln Shares For $30 Mln; MeiraGTx Up In Pre-market

(RTTNews) - MeiraGTx Holdings plc (MGTX), a biopharmaceutical company, announced on Monday that French pharmaceutical company Sanofi (SNY) has made a $30 million investment in the company by acquiring 4.0 million ordinary shares at a price of $7.50 per share.

Sanofi will receive a right of first negotiation for the use of MeiraGTx's Riboswitch gene regulation technology, GLP-1, and other gut peptides for metabolic disease, along with MeiraGTx's Phase 2 Xerostomia program.

"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," commented Alexandria Forbes, president and chief executive officer of MeiraGTx.

In pre-market activity, MeiraGTx shares are trading at $4.23 up 14.32% and Sanofi shares are trading at $44.36 up 2.85% on Nasdaq