Chimerix (CMRX) was a prime acquisition candidate for Jazz Pharmaceuticals (JAZZ) due to dordaviprone's unique positioning and likely near-term approval to treat H3-K27M mutant glioma, Wedbush said in a note Wednesday.
Jazz said Wednesday it agreed to acquire Chimerix for $8.55 per share in an all-cash deal, about a 72% premium over its previous closing price and in-line with the estimated fair value of dordaviprone, the investment firm said.
There does not appear to be any antitrust issues because Jazz does not have a presence glioma, Wedbush said.
Wedbush downgraded Chimerix to neutral from outperform and raised its price target to $8.55, reflecting the cash tender offer.
Shares of Chimerix were up almost 69% in recent trading.
Price: 8.43, Change: +3.47, Percent Change: +69.96
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