Jazz Pharmaceuticals has entered into a definitive agreement to acquire Chimerix for $8.55 per share in cash, representing a total consideration of approximately $935 million. The acquisition centers on dordaviprone, a novel first-in-class small molecule treatment for H3 K27M-mutant diffuse glioma, a rare and aggressive brain tumor primarily affecting young patients.
The deal, approved by both companies' boards, represents a 72% premium over Chimerix's closing price on March 4, 2025, and is expected to close in the second quarter of 2025.
Strategic Significance in Rare Oncology
Dordaviprone addresses a critical void in the treatment landscape for H3 K27M-mutant diffuse glioma, where no FDA-approved therapies currently exist. The drug's unique mechanism of action involves targeting the mitochondrial protease ClpP and dopamine receptor D2, while also reversing key epigenetic modifications characteristic of these tumors.
"Adding dordaviprone to our oncology R&D pipeline will further diversify our portfolio with a medicine that addresses a significant unmet need," said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals. "If approved, dordaviprone has the potential to rapidly become a standard of care for a rare oncology disease."
Regulatory Status and Clinical Development
The FDA has accepted dordaviprone's New Drug Application with Priority Review status, setting a PDUFA target action date of August 18, 2025. The drug has demonstrated benefit across several clinical studies, maintaining a favorable safety profile both as monotherapy and in combination with other treatments, including radiation.
An ongoing Phase 3 ACTION trial is evaluating dordaviprone in newly diagnosed, non-recurrent patients following radiation treatment, potentially expanding its use to the front-line setting. If approved, the drug may qualify for a Rare Pediatric Disease Priority Review Voucher.
Commercial Potential and Market Impact
The acquisition provides Jazz with a near-term commercial opportunity, supported by patent protection extending to 2037. Mike Andriole, President and CEO of Chimerix, emphasized the transaction's potential to expand dordaviprone's global reach: "The transaction provides the opportunity to advance access to dordaviprone to reach more patients globally."
Transaction Details
Jazz plans to fund the acquisition through existing cash and investments. The transaction is subject to customary closing conditions, including the tender of a majority of Chimerix's outstanding voting shares. Guggenheim Securities and Centerview Partners LLC are serving as financial advisors to Jazz and Chimerix, respectively.
