Sanofi is set to purchase $30m of ordinary shares in UCLB-spinout MeiraGTx at a price of $7.50 per share.
Sanofi will receive a right of first negotiation (ROFN) for the use of the clinical stage gene therapy company’s Riboswitch gene regulation technology for certain Immunology and Inflammation (I&I) and Central Nervous System (CNS) targets, as well as for GLP-1 and other gut peptides for metabolic disease, and for MeiraGTx’s Phase 2 Xerostomia programme.
In addition, MeiraGTx has been approached by multiple parties with strategic interest in different assets of the company and is actively pursuing these options.
“We are very pleased with this first strategic investment from Sanofi,” said Alexandria Forbes, Ph.D., President and Chief Executive Officer of MeiraGTx. “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 programmes.”
Paul Hudson, Chief Executive Officer of Sanofi, added: “Our mission at Sanofi is to deliver first or best in class medicines and vaccines for patients. So, we welcome technological innovations that help us chase the scientific miracles of the future. We believe that MeiraGTx’s Riboswitch platform, supported by its unique manufacturing capabilities, is such a technology. We look forward to working along side MeiraGTx as this innovative science moves forward to create a new generation of breakthrough medicines for immune-mediated and neurological diseases.”