- Rocket Pharmaceuticals Inc. RCKT agreed to acquire Renovacor Inc RCOR in an all-stock transaction for an implied value of approximately $2.60 per share.
- The transaction is currently expected to close by the first quarter of 2023.
- “The acquisition of Renovacor aligns with our strategy to expand our leadership position in AAV-based gene therapy for heart disease and provides us with a perfect opportunity to further our mission of transforming the lives of patients with heart disease. heart failure through the power of gene therapy,” said Gaurav Shah, CEO of Rocket.
- Renovacor’s most advanced program, REN-001, is an AAV-based gene therapy targeting dilated cardiomyopathy (DCM) associated with BAG3, a severe form of heart failure. IND submission is scheduled for 2H of 2022.
- Renovacor shareholders will receive approximately 0.1676 shares of Rocket.
- The exchange ratio implies a stock transaction value of approximately $53 million on a fully diluted share outstanding basis, or $2.60 per Renovacor share.
- Price Action: RCOR shares are up 14.2% at $2.17 when last checked on Tuesday. RCKT shares are down 3.31% at $13.51.
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