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

Author: Vandana Singh | September 20, 2022 10:06am

• 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.

Posted In: RCKT RCOR