Merck to acquire Imago BioSciences to expand blood disorder drugs portfolio

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Pharma giant Merck will acquire Imago BioSciences, a Nasdaq-listed clinical stage biopharmaceutical company, for a price of $36 per share in cash, which translates to a total equity value of around $1.35bn.

The acquisition is expected to expand Merck’s blood disorder portfolio.

Imago BioSciences is focused on developing new drugs for the treatment of diseases such as (MPNs).

Robert M Davis — Merck president and CEO said: “We continue to invest in our pipeline with a focus on applying our unique capabilities to unlock the value of breakthrough science for the patients we serve.

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“This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology.”

Merck to acquire Imago BioSciences in $1.35bn deal to expand blood disorder drugs portfolio

Merck to acquire Imago BioSciences in $1.35bn deal to expand blood disorder drugs portfolio. Photo courtesy of Merck & Co., Inc.

Imago BioSciences’ main candidate (IMG-7289) is an investigational orally available inhibitor of lysine-specific demethylase 1 (LSD1). Bomedemstat is presently being assessed in multiple phase 2 clinical trials for the treatment of myelofibrosis, essential thrombocythemia, and polycythemia vera along with other indications.

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Dr Hugh Y Rienhoff, Jr — Imago BioSciences Founder and CEO said: “This agreement leverages Merck’s industry-leading clinical development expertise to maximize the therapeutic potential of bomedemstat while providing important value for shareholders.”

As per the terms of the acquisition, Merck will initiate a tender offer to buy all outstanding shares of Imago BioSciences through a subsidiary, which will be merged into the clinical-stage biopharma company post-closing.

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Subject to certain closing conditions, the transaction is expected to complete in Q1 2023.


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