By Will Feuer
Shares of MeiraGTx Holdings rose after the gene-therapy company said it has received a $30 million investment from French pharmaceutical company Sanofi.
The stock climbed more than 34% to $4.96 in morning trading. Shares are still down about 24% this year.
Earlier Monday, MeiraGTx said Sanofi bought 4 million shares at a price of $7.50 a share. Sanofi will in turn receive a right of first negotiation for the use of MeiraGTx’s Riboswitch gene-regulation technology for various uses, including in GLP-1 drugs.
MeiraGTx said it is also actively pursuing options after multiple parties approached MeiraGTx with interest in some of the company’s assets. MeiraGTx has hired Evercore as a financial adviser, and Wachtell, Lipton, Rosen & Katz as legal adviser.
Write to Will Feuer at Will.Feuer@wsj.com
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