- Regeneron Pharmaceuticals Inc (NASDAQ:REGN) will acquire Checkmate Pharmaceuticals Inc (NASDAQ:CMPI) for $10.50 per share, equivalent to a total equity value of approximately $250 million.
- Checkmate is a clinical-stage biopharmaceutical company focused on proprietary technology to harness the immune system's power to combat cancer.
- The offer price represents a whopping premium of over 300% on Monday's last close price of $2.41.
- Checkmate's lead investigational candidate is vidutolimod, an advanced generation CpG-A oligodeoxynucleotide Toll-like receptor 9 (TLR9) agonist delivered in a virus-like particle.
- Vidutolimod is administered into the tumor and is believed to induce and expand anti-tumor T cells and tumor regression as a monotherapy in patients whose tumors previously progressed on PD-1 checkpoint inhibition.
- The transaction is expected to close in mid-2022.
- Patient dosing was initiated in a Phase 2 study evaluating vidutolimod combined with cemiplimab, supported by a clinical collaboration with Regeneron.
- Cohorts focused on anti-PD-1 refractory cutaneous squamous cell carcinoma, and Merkel cell carcinoma are currently enrolling.
- The Company expects preliminary data from the Phase 2 head & neck cancer trial on a subset of patients and Phase 2 non-melanoma skin cancer trial cohorts in 2H of 2022.
- Regeneron held a cash balance of $12.5 billion at the end of 2021.
- Price Action: CMPI shares are trading 332.4% higher at $10.42 during the premarket session on the last check Tuesday.
