Checkmate Pharma roars up fourfold as it gets takeover bid from Regeneron
US biotech Regeneron Pharmaceuticals (Nasdaq: REGN) hit the M&A market today, announcing a definitive agreement to acquire Checkmate Pharmaceuticals (Nasdaq: CMPI) at an all-cash price of $10.50 per share of Checkmate common stock.
The proposed acquisition values Checkmate at a total equity value of around $250 million. The transaction is expected to close in mid-2022.
Checkmate’s shares skyrocketed 333% to $10.43 by mid-morning on the news, having fallen 82% since its public listing in 2020, and at a low $2.43 close on Monday.
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