MeiraGTx announces $50M milestone from Janssen Pharmaceuticals

MeiraGTx Holdings (MGTX) announced the achievement of the first milestone under the asset purchase agreement the Company entered into with Janssen Pharmaceuticals, a Johnson & Johnson company (JNJ), 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.