More could be to come for MeiraGTx after $30 million Sanofi investment

French pharma major Sanofi (Euronext: SAN) is to buy $30 million of shares in MeiraGTx Holdings (Nasdaq: MGTX) at a price of $7.50 per share.

In return, Sanofi will receive the right of first negotiations for programs emerging from MeiraGTx’s riboswitch platform in immunology and inflammation, CNS disorders and metabolic diseases, in addition to the company's ongoing Phase II program in xerostomia.

"Further validation of the broad potential of our vertically integrated platform"“We are very pleased with this first strategic investment from Sanofi,” said Alexandria Forbes, president and chief executive of MeiraGTx. “We view Sanofi’s interest in our riboswitch gene regulation technology and our clinical xerostomia program as further validation of the broad potential of our vertically integrated platform and we are excited to work with Sanofi as we advance these programs.”