Today, Regeneron Pharmaceuticals (REGN.US) has agreed to acquire clinical-stage biotech company checkmate Pharmaceuticals (CMPI.US) for $10.50 per share in an all-cash deal. As of press time, Checkmate soared 328.22% to $10.35 before the market, while Regeneron Pharmaceuticals fell 0.03% to $716.22.
The purchase price brings Checkmate's total equity value to nearly $250 million. The transaction is expected to close in mid-2022.
It is reported that Checkmate's core product Vidutolimod is a differentiated TLR9 agonist. The company is currently investigating Vidutolimod in combination therapy for melanoma, non-melanoma skin cancer and head and neck cancer. The acquisition will add Vidutolimod to Regeneron Pharma's immuno-oncology portfolio.
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