MGTX - MeiraGTx Announces $50 Million Milestone from Janssen Pharmaceuticals | Benzinga
LONDON and NEW YORK, Feb. 13, 2024 (GLOBE NEWSWIRE) -- 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.
About MeiraGTx
MeiraGTx (NASDAQ:MGTX) is a vertically integrated, clinical-stage gene therapy company with a broad pipeline of late stage clinical programs supported by end-to-end manufacturing capabilities. MeiraGTx has an internally developed manufacturing platform process, internal plasmid production for GMP, two GMP viral vector production facilities as well as an in-house Quality Control hub for stability and release, all fit for IND through commercial supply. MeiraGTx has core capabilities in viral vector design and optimization and a transformative Riboswitch gene regulation platform technology that allows precise, dose-responsive control of gene expression by oral small molecules. MeiraGTx is focusing the Riboswitch platform on delivery of metabolic peptides including GLP-1, ...