Regeneron to acquire Checkmate Pharma in $250 million all-cash deal
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Regeneron Pharmaceuticals (NASDAQ:REGN) has agreed to acquire the clinical-stage biotech Checkmate Pharmaceuticals (NASDAQ:CMPI) at an all-cash price of $10.50 per share of Checkmate (CMPI) common stock, the companies disclosed on Tuesday.
The offering price values Checkmate (CMPI) at a total equity value of nearly $250 million, and the company shares have gained ~54% in the pre-market while Regeneron (REGN) is trading flat. The transaction is expected to close in mid-2022.

Checkmateâs (CMPI) lead asset is vidutolimod, a Toll-like receptor 9 (TLR9) agonist delivered in a virus-like particle. Vidutolimod is currently undergoing studies as part of a combination therapy targeted at melanoma, non-melanoma skin cancers, and head and neck cancer.

See how Checkmate (CMPI) have underperformed the broader market over the past twelve months, as shown in this graph.