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Checkmate Pharmaceuticals, Inc. (CMPI) Stock Surged 326.75% Pre-Market, Here’s Why

Checkmate Pharmaceuticals, Inc. (CMPI) stock soared 326.75% in the pre-market trading session at the price of $10.37 following a definitive deal to be acquired by Regeneron.

Checkmate is a clinical-stage biotechnology corporation that develops and commercializes proprietary technology to trigger the immune system against cancerous cells. CMP-001, its product candidate, had designed to activate the body’s immune system to fight tumors in combination with other treatments.

Regeneron to Acquire Checkmate

On 19th April 2022, CMPI announced signing a definitive deal to be acquired by Regeneron for US$10.50 per common stock share. The proposed acquisition of Checkmate has an equity value of US$250M. As per the merger agreement, Regeneron will commence a tender offer to obtain the shares of Checkmate at $10.50 each share.

The closure of the tender offer is expected in mid-2022 and is subject to customary closing conditions. Centerview Partners will serve as the financial advisor of Checkmate for the acquisition. Regeneron’s advisors for the transaction will be Lipton, Wachtell, Katz, and Rosen. Meanwhile, CMPI’s legal advisor will be Goodwin Procter LLP.

CMPI Business Updates

The proposed acquisition of Checkmate will add a great value to the CMPI toolkit of potential techniques for chronic cancers. The distinctive combination of a unique Toll-like receptor 9 with oncology agents will improve clinical usefulness and offer new treatment alternatives for patients.  CMP-001 is an advanced TLR9 agonist developed to trigger the innate immunity to attack tumors.

Regeneron’s expertise and resources will accelerate the growth and realization of CMPI’s novel vidutolimod program, which is now expanding into numerous cancer indications. CMPI stock is looking onward to drive data readouts of vidutolimod and enrollment in refractory melanoma. Meanwhile, the stock is advancing its leadership in immunity and navigating its success with a highly qualified administrative team and directors.

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