RTTNews | Jan 8, 2021 10:32AM EST

10:31 Friday, January 8, 2021 (RTTNews.com) - Shares of Chimerix, Inc. (CMRX) surged over 60% on Friday morning after the biopharmaceutical company announced acquisition of Oncoceutics to expand pipeline with late-stage oncology program.

CMRX is currently trading at $8.03, up $3.05 or 61.16%, on the Nasdaq.

Chimerix announced that the company has acquired Oncoceutics, a privately held, clinical-stage biotechnology company developing imipridones, a novel class of compounds.

Oncoceutics' lead product candidate, ONC201, has been shown in clinical testing to selectively induce cell death in multiple cancer types. ONC201 is currently in a registrational clinical trial for recurrent H3 K27M-mutant glioma and a confirmatory response rate assessment is expected in 2021.

Chimerix will pay Oncoceutics shareholders $78 million, of which $39 million is payable in Chimerix stock and $39 million in cash. The payment of $39 million in cash is split $25 million at closing and $14 million on the first anniversary of closing.

Read the original article on RTTNews ( https://www.rttnews.com/3158987/stock-alert-chimerix-surges-60-on-acquisition-of-oncoceutics.aspx)

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