Regeneron to Buy Checkmate Pharmaceuticals for About $250 Million

By Colin Kellaher

Regeneron Pharmaceuticals Inc. on Tuesday said it agreed to buy clinical-stage biopharmaceutical company Checkmate Pharmaceuticals Inc. for about $250 million in a deal that bolsters Regeneron's portfolio of diverse and combinable immuno-oncology candidates.

Regeneron said it will pay $10.50 a share in cash for Checkmate, more than four times Monday's closing price of $2.41 for the Cambridge, Mass., company.

Regeneron said Checkmate's lead investigational asset, vidutolimod, is currently being studied in combination with other agents for melanoma, nonmelanoma skin cancers, and head and neck cancer.

The Tarrytown, N.Y., biotechnology company said it expects to complete the acquisition around the middle of the year.

Trading in shares of Checkmate was halted premarket Tuesday.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

04-19-22 0732ET