Rocket pharmaceuticals has signed an acquisition deal with biotechnology firm Renovacor for approximately $2.60 per share, or a total of $53 million. The board of directors of both companies have approved the deal through one-sided voting and it is anticipated that the deal will be completed by the first quarter of 2023.
Renovacor, Inc is a biotechnology company devoted to delivering innovative therapy solutions to better the lives of patients battling genetic cardiovascular-related diseases. Rocket Pharmaceuticals, Inc is a leading clinical biotechnology company developing medications for rare childhood disorders with high unmet needs.
The acquisition of Renovacor is in line with the strategy of the company to focus on therapies of cardiac disease and become the market leader in AAV-based gene therapy. The main program of Renovacor, BAG3A-associated dilated cardiomyopathy is expected to be successful as Rocket utilizes their cardiological experience.
This merger will help Rocket with essential capabilities, valuable IP, and experienced cardiological medication experts which will support in further development of BAG3 and other potential future programmes, such as a gene therapy research collaboration for arrhythmogenic cardiomyopathy. Additionally, the acquisition will give Rocket a competitive edge to cater to rare cardiac diseases with the help of the safety data from Phase 1 of Danon Disease.
The known program of Rocket is an AAV-based gene therapy that targets a severe form of heart failure known as BAG3-associated dilated cardiomyopathy (DCM). In a patient population with increasing cardiac dysfunction for which there is no medication or cure to target the disease’s underlying mechanism, Renovacor has the extensive technical expertise to create medications specifically for heart conditions with genetic causes. Additionally, Renovacor is backed by scientific partners, a strong intellectual property portfolio, and individuals with BAG3-DCM knowledge. The company believes that together these resources and skills are extremely valuable and will strengthen Rocket’s position as the industry leader in cardiac AAV-based gene therapy.
According to Magdalene Cook, CEO of Renovacor explained that Renovacor has been successful in providing targeted gene therapies to meet the high unmet needs of people who are suffering from genetic cardiac diseases. The team is thrilled to partner with Rocket to enhance the access of patients to cardiovascular disease medications and further adding that the company is excited to combine Renovacor and Rocket’s enormous resources and expertise to establish a category leader in the field of precision cardiology.
The CEO of Rocket Pharmaceuticals Gaurav stated: “Several unmet medical needs in BAG3-associated dilated cardiomyopathy will be addressed by expanding our cardiology expertise and skills, building on our success in Danon Disease to date. We think we will be in a strong position to provide these patients with the highest impact gene therapy with the best potential for success by combining Renovacor’s compelling preclinical work with our shared clinical, regulatory, and CMC knowledge in the most effective and efficient way possible”.
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