Biopharmaceutical companies Jazz Pharmaceuticals plc (Nasdaq:JAZZ) and Chimerix (Nasdaq:CMRX) on Wednesday announced a definitive agreement for Jazz to acquire Chimerix for USD8.55 per share in cash, totalling approximately USD935m.

This acquisition, approved by both companies, is expected to close in the second quarter of 2025.

Chimerix's lead clinical asset, dordaviprone, is a first-in-class small molecule therapy for H3 K27M-mutant diffuse glioma, a rare and aggressive brain tumour. There are currently no US Food and Drug Administration (FDA)-approved therapies for this condition, with radiation as the standard treatment.

The FDA recently accepted and granted Priority Review to dordaviprone's New Drug Application for recurrent H3 K27M-mutant diffuse glioma, setting a Prescription Drug User Fee Act action date of 18 August 2025. If approved, the drug may qualify for a Rare Pediatric Disease Priority Review Voucher.

Dordaviprone is also being evaluated in a Phase 3 trial for newly diagnosed patients following radiation therapy, potentially expanding its use into front-line treatment. The acquisition provides Jazz Pharmaceuticals with a near-term commercial opportunity in the oncology market.

Jazz will fund the transaction through existing cash and investments. Chimerix shareholders will receive a 72% premium based on the company's closing price on 4 March 2025.

The deal is subject to customary closing conditions, including a majority tender of outstanding shares.