Why Checkmate Pharmaceuticals Stock Is Rocketing Higher Today

Shares of the clinical-stage cancer specialist Checkpoint Pharmaceuticals (NASDAQ: CMPI) are up by a handsome 328% as of 1:41 p.m. ET Tuesday afternoon. The drugmaker's shares are racing higher today in response to a $250 million all-cash buyout offer from Regeneron Pharmaceuticals (NASDAQ: REGN).

Regeneron's tender offer of $10.50 per share represents a whopping 332% premium relative to Checkpoint Pharmaceuticals' closing price Monday afternoon. The two companies expect the transaction to close by the middle of 2022.

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Source Fool.com