MeiraGTx secures up to $400 million from Oberland Capital for gene therapy programs

MeiraGTx Holdings plc announced on July 7, 2026 an agreement with Oberland Capital Management LLC for an investment of up to $400 million, structured as up to $375 million in non-dilutive cash and up to $25 million in equity investment¹.

Following any regulatory approvals, Oberland Capital is set to receive low single-digit capped royalties on net sales of AAV2-hAQP1 for grade 2/3 late radiation-induced xerostomia, botaretigene sparoparvovec (bota-vec) for X-linked retinitis pigmentosa, and AAV-AIPL1 for LCA4¹.

According to the underlying Royalty Note Purchase Agreement dated June 30, 2026, the funding arrives in tranches: an initial purchase on June 30, 2026 for $100 million, a second purchase on July 17, 2026 for $25 million, an optional $50 million tied to positive Phase 2 AQUAx2 data for AAV-hAQP1, an optional $50 million tied to bota-vec's marketing approval from the FDA or EMA, an optional $50 million tied to AAV-hAQP1's FDA approval, and an optional sixth purchase of up to $100 million subject to purchaser consent¹.

Purchasers will receive capped revenue payments. Under the agreement, the Purchasers will be entitled to receive capped payments equal to 1.95% of global net sales of AAV-AIPL1, AAV-hAQP1 and bota-vec, which may increase pro rata upon additional purchases beyond $125 million¹. The obligation is secured: the Obligors granted a security interest in cash, equity interests, receivables, property, plant and equipment and specific assets tied to the Included Products¹.

Separately, MeiraGTx entered a securities purchase agreement with Oberland-affiliated funds TPC Investments Solutions II LP and TPC Investments Solutions Co-Invest II LP for 950,570 ordinary shares at $10.52 per share, for an aggregate purchase price of approximately $10.0 million¹, with closing set for July 17, 2026, and an additional right to purchase up to $15.0 million more in shares.

The company also used proceeds to retire older debt: on June 30, 2026, MeiraGTx redeemed in full all outstanding principal under its 2022 Perceptive Credit Holdings III notes purchase agreement, paying accrued interest and related fees, with no early termination penalties incurred¹.