MeiraGTx Announces $50M Milestone From Janssen Pharmaceuticals
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Biotechnology: Pharmaceutical Preparations
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Biotechnology: Biological Products (No Diagnostic Substances)
Health Care
MeiraGTx Holdings plc (NASDAQ:MGTX), a vertically integrated, clinical stage gene therapy company, today announced the achievement of the first milestone under the asset purchase agreement the Company entered into with Janssen Pharmaceuticals, Inc. (J&J), a Johnson & Johnson company, in December 2023 relating to bota-vec for the treatment of XLRP.
"We are very happy to announce that the LUMEOS extension study has been initiated, which triggered the $50 million milestone payment to MeiraGTx under the asset purchase agreement with J&J," said Alexandria Forbes, Ph.D., president and chief executive officer of MeiraGTx.
Agreements related to bota-vec:
- MeiraGTx anticipates receiving an additional $15 million in near-term milestone payments later in 2024.
- The Company will receive up to a further $285 million upon first commercial sales of bota-vec in the U.S. and EU and for manufacturing technology transfer.
- MeiraGTx also entered into a commercial supply agreement with J&J for bota-vec manufacturing, which the Company anticipates will generate additional revenue during the product launch