Why Checkmate Pharmaceuticals Shares Are Skyrocketing

Checkmate Pharmaceuticals Inc CMPI shares are trading higher by 328.40% to $10.41 during Tuesday's pre-market session after Regeneron Pharmaceuticals Inc REGN announced a deal to acquire the company for $10.50 per share in cash.

Checkmate's lead investigational candidate is vidutolimod, an advanced generation CpG-A oligodeoxynucleotide Toll-like receptor 9 (TLR9) agonist delivered in a virus-like particle.

"As we continue to advance and expand our research efforts in immuno-oncology, the acquisition of Checkmate will add a promising new modality to Regeneron's toolkit of potential approaches for difficult-to-treat cancers," said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron.

"The unique combination of a differentiated Toll-like receptor 9 with other antibody-based oncology agents may result in increased clinical benefit and provide new treatment options for patients in need. We look forward to welcoming the Checkmate team and their complementary scientific acumen to the Regeneron family."

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Checkmate Pharmaceuticals Inc is a clinical-stage biotechnology company focused on developing and commercializing its proprietary technology to harness the power of the immune system to combat cancer.

According to data from Benzinga Pro, Checkmate Pharmaceuticals has a 52-week high of $7.97 and a 52-week low of $2.00.