Checkmate Pharmaceuticals, Inc. (NASDAQ: CMPI) is engaged as a clinical-stage biotechnology company, which is focused on leveraging its proprietary technology to develop immunotherapies targeting cancer. Shares of the biotech company are skyrocketing 333% through early trading on Tuesday, April 19, 2022. Over the past three months, Checkmate Pharmaceuticals has seen average daily volume of 13,630 shares. However, volume of 1.75 million shares or dollar volume of around $18.25 million, has already exchanged hands through early trading.
Shares of Checkmate Pharmaceuticals are soaring after the company announced it had entered into a definitive agreement to be acquired by Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN). Under the agreement, Regeneron will pay $10.50 per share of Checkmate common stock in an all-cash deal worth $250 million. If approved, the acquisition is estimated to close in mid-2022.
Regeneron looks to bolster its already-impressive portfolio of immuno-oncology drug candidates with Checkmate’s vidutolimod, which is currently being studied as a combination drug for melanoma, non-melanoma skin cancer, and head and neck cancer.
Vidutolimod is administered directly into the tumor, which is believed to induce, develop anti-tumor T-cells and trigger tumor regression. The treatment is designed for use as a monotherapy in patients whose tumors have progressed on PD-1 checkpoint inhibition.
“As we continue to advance and expand our research efforts in immuno-oncology, the acquisition of Checkmate will add a promising new modality to Regeneron’s toolkit of potential approaches for difficult-to-treat cancers,” said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron. “The unique combination of a differentiated Toll-like receptor 9 with other antibody-based oncology agents may result in increased clinical benefit and provide new treatment options for patients in need. We look forward to welcoming the Checkmate team and their complementary scientific acumen to the Regeneron family.”
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