Rocket Pharmaceuticals acquires Renovacor, strengthening its position in gene therapies for heart disease – Renovacor (AMEX: RCOR), Rocket Pharmaceuticals (NASDAQ: RCKT)

  • 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.