MeiraGTx Announces $50M Milestone From Janssen Pharmaceuticals

Author: Benzinga Newsdesk | February 13, 2024 09:09am

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

Posted In: JNJ MGTX