Art Krieg, Checkmate Pharmaceuticals
Regeneron buys Art Krieg’s biotech startup for a discount price, boosting I/O pipeline
Jumping into the M&A game, Regeneron has scooped up a beaten down Checkmate Pharmaceuticals for $250 million in cash, bagging its lead drug for melanoma. That’s almost 5 times the Art Krieg startup’s current market cap, after 2 years of rapidly shriveling value.
The big prize here is vidutolimod, a Toll-like receptor 9 (TLR9) agonist delivered in a virus-like particle. And Regeneron CEO Len Schleifer called it an important move in their strategy to build up the immuno-oncology pipeline at the big biotech.
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