MeiraGTx Announces $50M Milestone From Janssen Pharmaceuticals
Portfolio Pulse from Benzinga Newsdesk
MeiraGTx Holdings plc (MGTX) announced a $50M milestone payment from Janssen Pharmaceuticals (J&J) for initiating the LUMEOS extension study related to bota-vec for XLRP treatment. MGTX expects an additional $15M in milestone payments in 2024 and up to $285M upon first commercial sales in the U.S. and EU, plus revenue from a commercial supply agreement for bota-vec manufacturing with J&J.
February 13, 2024 | 1:09 pm
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NEUTRAL IMPACT
Janssen Pharmaceuticals, a Johnson & Johnson company, made a $50M milestone payment to MeiraGTx for the LUMEOS extension study of bota-vec, with further financial commitments outlined.
While the payment is a significant commitment from JNJ to MGTX and the development of bota-vec, the financial impact on JNJ is likely to be minimal in the short term due to its large size and diversified portfolio.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
MeiraGTx Holdings plc announced receiving a $50M milestone payment from Janssen Pharmaceuticals for the LUMEOS extension study of bota-vec, with more payments expected.
The $50M milestone payment, along with anticipated additional payments, signifies a strong partnership and financial inflow for MGTX, likely boosting investor confidence and potentially the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100