Checkmate Pharmaceuticals Shares Take Flight on Regeneron Deal

By Colin Kellaher

Shares of Checkmate Pharmaceuticals Inc. more than quadrupled in premarket trading Tuesday after the clinical-stage biopharmaceutical company agreed to be acquired by Regeneron Pharmaceuticals Inc. for about $250 million.

Regeneron is paying $10.50 a share in cash for Checkmate, more than four times Monday's closing price of $2.41 for the Cambridge, Mass., company and more than 30% above the stock's 52-week high of $7.97 reached last May.

The deal is slated to close by mid-year.

Checkmate shares were recently changing hands at $10.40, up 332%, in premarket trading, while Regeneron shares slipped 0.4% to $720.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

04-19-22 0931ET