Piper Sandler analyst Allison M. Bratzel raised the firm’s price target on MeiraGTx (MGTX) to $30 from $28 and keeps an Overweight rating on the shares following the news that the company has entered a broad strategic collaboration with Eli Lilly (LLY) to develop and commercialize genetic medicines in ophthalmology. This deal grants the latter worldwide exclusive rights to MeiraGTx’s AAVAIPL1 program in LCA4. In exchange, MeiraGTx receives an upfront payment of $75M and is eligible to receive over $400M in total milestone payments and tiered royalties on licensed products. Piper thinks this is a positive development for MeiraGTx, which not only helps validate the company’s technology, but provides non-dilutive capital through both upfront and milestone payments. The firm remains a buyer.
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