MeiraGTx (MGTX) shares rose Thursday after the company said it is forming a joint venture with Hologen as part of a strategic collaboration to develop AAV-GAD for Parkinson's disease.
The stock was up over 25% in recent trading after rising as much as 32.4% earlier. Trading volume topped 5.5 million shares versus a daily average of about 318,000.
The venture, Hologen Neuro AI, will be funded with a capital of up to $230 million from Hologen, a developer of generative AI foundation models of clinical data for drug development.
MeiraGTx said it will get $200 million in upfront cash at closing of the agreement.
Hologen will also fund a portion of MeiraGTx's manufacturing operations and will own a minority stake in its manufacturing subsidiary, the company said.
Price: 8.12, Change: +1.71, Percent Change: +26.68
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