Rocket Pharmaceuticals Buys Renovacor, Strengthening Position In Gene Therapies For Heart Diseases

Rocket Pharmaceuticals Inc RCKT has 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 cardiac disease and gives us a perfect opportunity to continue on our mission to transform the lives of heart failure patients 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 BAG3-associated dilated cardiomyopathy (DCM), a severe form of heart failure. IND submission is planned for 2H of 2022.
Renovacor shareholders will receive approximately 0.1676 shares of Rocket.
The exchange ratio implies an equity deal value of approximately $53 million based on fully diluted shares outstanding, or $2.60 per share of Renovacor.
Price Action: RCOR shares are up 14.2% at $2.17 on the last check Tuesday. RCKT shares are down 3.31% at $13.51.