Jazz Pharmaceuticals to buy Chimerix for $935 million
March 5 (Reuters) - Jazz Pharmaceuticals JAZZ.O will acquire biotech firm Chimerix CMRX.O for about $935 million in cash to gain access to its lead drug candidate to treat a rare brain tumor, the companies said on Wednesday.
Under the terms of the deal, Jazz will pay $8.55 per share in cash, which represents a 72.4% premium to Chimerix's last closing price.
Chimerix's lead candidate, dordaviprone, is under review by the U.S. Food and Drug Administration for the treatment of H3 K27M-mutant diffuse glioma, a rare brain tumor that usually affects children and young adults. It does not have other U.S.-approved treatments.
The FDA is set to make a decision on accelerated approval for the drug by August 18.
Jazz expects to fund the transaction through existing cash and investments and close the deal in the second quarter of 2025.
Guggenheim Securities is serving as financial adviser to Jazz Pharmaceuticals and Centerview Partners LLC is serving as financial adviser to Chimerix.
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