Regeneron to Acquire Checkmate Pharmaceuticals in $250m Deal
2022.04.19 20:06
By Sam Boughedda
Investing.com — Regeneron Pharmaceuticals Inc (NASDAQ:REGN) announced Tuesday that it will acquire Checkmate Pharmaceuticals (NASDAQ:CMPI) for $10.50 per share.
The deal, which has a total value of $250 million, has resulted in Checkmate stock surging 333%.
The per share acquisition price is more than four times the closing price of Checkmate’s shares on Monday. In addition, Regeneron said the deal will boost its portfolio of immuno-oncology candidates.
Checkmate’s lead investigational candidate, vidutolimod, is currently being studied in combination with other agents for melanoma, non-melanoma skin cancers, and head and neck cancer.
“As we continue to advance and expand our research efforts in immuno-oncology, the acquisition of Checkmate will add a promising new modality to Regeneron’s toolkit of potential approaches for difficult-to-treat cancers,” said Leonard Schleifer, President and Chief Executive Officer of Regeneron.
The acquisition is expected to close in mid-2022.
