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

Vandana Singh
1 min read
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In this article:

  • Rocket Pharmaceuticals Inc (NASDAQ: RCKT) has agreed to acquire Renovacor Inc (NYSE: 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.

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