MeiraGTx announces asset purchase agreement with Janssen for bota-vec

MeiraGTx Holdings (MGTX) announced an asset purchase agreement with Janssen Pharmaceuticals (JNJ) for the remaining interests in bota-vec for the treatment of XLRP, as well as a commercial supply agreement and a technology transfer agreement for bota-vec manufacturing. Agreements related to bota-vec: MeiraGTx to monetize potential future royalties and milestones related to bota-vec with J&J acquiring remaining rights for development, manufacturing, and commercialization of bota-vec. MeiraGTx to receive $130 million in upfront and near-term milestone payments, including $65 million at signing, an additional $50 million anticipated in the first quarter of 2024, with the remaining $15 million in milestone payments expected later in 2024. The Company will receive up to an additional $285 million in cash payments upon first commercial sales of bota-vec in the U.S. and EU and for manufacturing technology transfer. J&J will be responsible for any royalty or milestone amounts that become payable on bota-vec to UCL Business. MeiraGTx has also entered into a commercial supply agreement with J&J for bota-vec manufacturing.