Vigil Neuroscience Shares Soar on $40 Million Sanofi Investment
By Dean Seal
Shares of Vigil Neuroscience surged after the company said it received a $40 million strategic investment from Sanofi at a higher per-share price than yesterday's closing stock price.
The stock was up 45% at $5.42 in premarket trading. Shares had already gained 12% year-to-date when the market closed on Wednesday at $3.78.
The clinical-stage biotechnology company said overnight that Sanofi will buy 537,634 Series A non-voting preferred shares, each convertible to 10 shares of common stock, at an as-converted price of $7.44 a share.
Proceeds from the investment will be used to fund research and development activities, Vigil said. The company expects the proceeds from the investment to extend its runway into 2026.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 27, 2024 06:54 ET (10:54 GMT)
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