MeiraGTx Holdings experienced a significant boost in its shares, surging by 20% to $5.89. This remarkable increase follows the company’s asset purchase agreement with Janssen Pharmaceuticals. The agreement entails Janssen acquiring the remaining interests in botaretigene sparoparvovec, an innovative treatment for X-linked retinitis pigmentosa. Additionally, MeiraGTx Holdings and Janssen have established a commercial supply agreement and a technology transfer agreement for bota-vec manufacturing.
Excitingly, this collaboration allows MeiraGTx Holdings to maximize its potential future royalties and milestones associated with bota-vec. Janssen has obtained the rights for the development, manufacturing, and commercialization of this groundbreaking treatment.
As a part of this agreement, MeiraGTx Holdings will receive an impressive sum of $130 million in upfront and near-term milestone payments. Of this, $65 million has been given upon signing the agreement, with an anticipated additional $50 million in the first quarter of 2024. The remaining $15 million in milestone payments is expected later in 2024.
Furthermore, MeiraGTx Holdings has the potential to earn up to an additional $285 million through cash payments, contingent upon the initial commercial sales of bota-vec in the United States and European Union, as well as for manufacturing technology transfer.
This collaboration not only solidifies MeiraGTx Holding’s position as an influential player in the industry but also paves the way for breakthrough treatments in the field of retinitis pigmentosa. MeiraGTx Holdings is poised for further success as it continues its partnership with Janssen Pharmaceuticals.
