Ventyx Biosciences announces $27M investment from Sanofi

Ventyx Biosciences (VTYX) announced that Sanofi (SNY) has agreed to make a $27 million strategic investment in the Company at an as-converted price of $3.8243 per share of common stock, pursuant to which Sanofi will purchase 70,601 of the Company’s Series A non-voting convertible preferred stock, each share of which is initially convertible into 100 shares of common stock. The closing of the transaction is expected to occur on September 23, 2024. In connection with the equity investment, the Company has agreed to grant Sanofi an exclusive right of first negotiation with respect to certain VTX3232 program rights. The proceeds from the investment are expected to further strengthen the Company’s cash position, and current cash, cash equivalents and marketable securities, inclusive of the proceeds from the investment, are expected to be sufficient to fund planned operations into at least the second half of 2026.