Sept. 20 Quick Takes: Rocket gains gene therapy via Renovacor takeout
Plus Theravance buying out GSK and updates from ImmunoScape, Sentynl, Pfizer and more
Just over a year since closing its merger with a special purpose acquisition company, gene therapy developer Renovacor Inc. (NASDAQ:RCOR) has agreed to a deal in which Rocket Pharmaceuticals Inc. (NASDAQ:RCKT) will acquire it in stock valuing it at $53 million, or $2.60 per share. The deal gives Rocket REN-001, an adeno-associated viral (AAV) gene therapy targeting BAG3-associated dilated cardiomyopathy. Renovacor has lost most of its value since merging with a SPAC sponsored by Chardan Capital Markets.
Two months after gaining an upfront payment of $1.1 billion in a royalty deal with Royalty Pharma plc (NASDAQ:RPRX), Theravance Biopharma Inc. (NASDAQ:TBPH) announced on Monday a $250 million stock buyback program that includes a full buyback of the shares owned by GlaxoSmithKline plc (LSE:GSK; NYSE:GSK). GSK owns 9.6 million shares, which Theravance will buy back at $9.75. It will also buy back about $95 million in shares in a Dutch auction in the near term, and a further $60 million in shares in an open market purchase after the auction has completed by YE23. Theravance closed unchanged at $10.22 on Tuesday...