Imago BioSciences, Inc. (NASDAQ: IMGO) is engaged as a clinical-stage biopharmaceutical company, which is focused on the research and development of novel small molescule candidates that target lysine-specific demethylase 1 (LSD1), an enzyme that plays a key role in blood cell production in bone marrow. Shares of the biopharma company are skyrocketing 105% through early trading on Monday, November 21, 2022. Over the past three months, Imago BioSciences has seen average daily volume of 123,130 shares. However, volume of 6.48 million shares or dollar volume of around $230.69 million, has already exchanged hands through early trading.
Shares of Imago BioSciences are soaring after the company announced that it has entered into a definitive agreement to be acquired by Merck, Inc. (NYSE: MRK) for $36 per share in cash for a total transaction value of $1.35 billion. Merck will acquire Imago BioSciences’ robust drug pipeline of potential treatments for bone marrow diseases. The company’s lead drug candidate, IMG-7289, is an investigational, orally-administered LSD1 inhibitor that is currently undergoing Phase 2 clinical trials for the treatment of essential thrombocythemia (ET), myelofibrosis (MF), and polycythemia vera (PV).
The acquisition comes as Merck looks to bolster its hematology portfolio. Merck’s acquisition of Imago BioSciences is estimated to close sometime during the first quarter of 2023. The acquisition still must clear customary closing conditions, such as antitrust clearance and shareholder approval.
“This milestone is a testament to more than a decade of pioneering research by Imago scientists and the entire Imago team’s unwavering dedication to improving the lives of patients,” said Dr. Hugh Y. Rienhoff, Jr., Founder and Chief Executive Officer, Imago BioSciences. “This agreement leverages Merck’s industry-leading clinical development expertise to maximize the therapeutic potential of bomedemstat while providing important value for shareholders. I would also like to acknowledge with gratitude the early investors – Blackstone Life Sciences, Frazier Healthcare, Omega Funds, Amgen Ventures, and MRL Ventures Fund who placed their faith in Imago beginning in 2014, as well as the outstanding study investigators and their patients who have made the clinical development of bomedemstat possible.”
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