Ventyx Biosciences Shares Rise Premarket on Sanofi Investment
By Colin Kellaher
Shares of Ventyx Biosciences rose more than 20% in premarket trading after the clinical-stage biopharmaceutical company said it would receive a $27 million from France's Sanofi.
Ventyx on Monday said it agreed to grant Sanofi an exclusive right of first negotiation related to the San Diego company's VTX3232 drug candidate for neuroinflammatory and neurodegenerative conditions.
Ventyx said Sanofi is buying 70,601 Series A non-voting convertible preferred shares, each convertible into 100 common shares at $3.82 each, a 66% premium to Friday's closing price of $2.30.
The company said the investment extends its runway into at least the second half of 2026.
Ventyx shares were recently up nearly 23% to $2.82 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 23, 2024 08:43 ET (12:43 GMT)
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