Jazz Pharmaceuticals to Acquire Chimerix for $935 Million
Deal News | Mar 05, 2025 | Globenewswire
Jazz Pharmaceuticals has announced its intention to acquire Chimerix for $8.55 per share in an all-cash transaction valued at approximately $935 million. This acquisition is a strategic move to further diversify Jazz's oncology portfolio with Chimerix's dordaviprone, a potential first-in-class treatment for H3 K27M-mutant diffuse glioma, a rare brain tumor with an unmet medical need. The target therapy is currently undergoing Phase 3 trials and has been accepted for Priority Review by the FDA. Jazz plans to leverage its global scale to enhance the commercial strategy of dordaviprone, aiming for a strong U.S. market launch soon after acquiring Chimerix. Advisors on the deal include Guggenheim Securities and Wachtell, Lipton, Rosen & Katz for Jazz, and Centerview Partners LLC along with Skadden, Arps, Slate, Meagher & Flom LLP for Chimerix. The transaction is expected to close in the second quarter of 2025, pending customary closing conditions and shareholder approvals.
Sectors
- Biopharmaceutical
- Oncology
Geography
- United States – Chimerix is headquartered in Durham, North Carolina, and the acquisition involves regulatory approvals by the U.S. FDA, targeting the U.S. market launch.
- Ireland – Jazz Pharmaceuticals is headquartered in Dublin, Ireland, and this forms the international aspect of the transaction.
Industry
- Biopharmaceutical – The industry involves companies engaged in the development and commercialization of drugs for treatment of various diseases, aligning with the acquisition's focus on oncology treatments by Jazz Pharmaceuticals.
- Oncology – A sub-sector of the biopharmaceutical industry, it is relevant due to the acquisition of Chimerix for its novel treatment targeting a rare form of brain tumor.
Financials
- $935 million – Total cash consideration for the acquisition of Chimerix by Jazz Pharmaceuticals.
- $8.55 – Per share cash offer to Chimerix shareholders.
- 72% – Approximate premium offered based on Chimerix's closing trading price on March 4, 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Jazz Pharmaceuticals plc | Bidding Company | Company | A global biopharmaceutical company focused on developing life-changing medicines in oncology and neuroscience. |
| Chimerix | Target Company | Company | A biopharmaceutical company dedicated to developing treatments for deadly diseases, notably involved in developing dordaviprone for a rare form of glioma. |
| Guggenheim Securities | Financial Advisor (Jazz Pharmaceuticals) | Company | Provided financial advisory services to Jazz Pharmaceuticals for the acquisition. |
| Wachtell, Lipton, Rosen & Katz | Legal Advisor (Jazz Pharmaceuticals) | Company | Served as legal advisors to Jazz Pharmaceuticals in the transaction. |
| Centerview Partners LLC | Financial Advisor (Chimerix) | Company | Provided financial advisory services to Chimerix. |
| Skadden, Arps, Slate, Meagher & Flom LLP | Legal Advisor (Chimerix) | Company | Served as legal advisors to Chimerix. |
| Cooley LLP | Legal Advisor (Chimerix) | Company | Provided additional legal advisory services to Chimerix. |
| Bruce Cozadd | Chairman and CEO (Jazz Pharmaceuticals) | Person | Expressed strategic rationale for acquiring Chimerix. |
| Mike Andriole | President and CEO (Chimerix) | Person | Spoke on the benefits and strategic fit of the acquisition with Jazz Pharmaceuticals. |