Rocket Pharmaceuticals will gain Renovacor’s program REN-001, an AAV-based gene therapy targeting BAG3-associated dilated cardiomyopathy (DCM) through the acquisition.
Under the terms of the deal, Rocket, a firm focused on genetic therapies for rare childhood disorders, has acquired Renovacor, a company aiming to deliver precision therapies for individuals battling genetically-driven cardiovascular and mechanistically-related diseases.
Rocket claims that the acquisition strengthens its adeno associated virus (AAV) based cardiac gene therapy leadership and scales the firm’s clinical assets for the treatment of heart diseases, such as BAG3-associated dilated cardiomyopathy.
Rocket says that Renovacor is supported by “world-class” scientific partners, a team with expertise, and a strong property portfolio. In turn, its program, REN-001, will increase Rocket’s position in the industry as a cardiac AAV-based gene therapy firm.
“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.
“Building on our success in Danon Disease to date, I am particularly excited to expand our cardiology focus and capabilities and address a clear unmet medical need in BAG3-associated dilated cardiomyopathy. By combining Renovacor’s compelling preclinical work with our joint clinical, regulatory and CMC expertise, we believe we will be well-positioned to bring the highest impact gene therapy with the best chance for success to these patients in the most productive and efficient manner possible.”
According to Rocket, it will pay an all-stock transaction for an “implied” value of around $2.60 per share and the deal is expected to close in the first quarter of 2023. The firm also expects that the acquisition will add around $38 million in projected cash at closing.