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Cancer-Focused Imago BioSciences Shares Soar After Merck Deal

  • Merck & Co Inc (NYSE: MRK) has agreed to acquire Imago BioSciences Inc (NASDAQ: IMGO) for $36.00 per share in cash for an approximate total equity value of $1.35 billion.

  • "This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology," commented Merck's President & CEO, Robert Davis.

  • Imago is a clinical-stage biopharmaceutical company developing new medicines for myeloproliferative neoplasms (MPNs) and other bone marrow diseases.

  • Related: Centre Piece Of Merck's $11.5B Acceleron Buyout Aces Late-Stage Cardiovascular Trial.

  • Imago's lead candidate, bomedemstat (IMG-7289), is currently being evaluated in multiple Phase 2 clinical trials for essential thrombocythemia, myelofibrosis, and polycythemia vera, in addition to other indications.

  • The transaction is expected to close in the first quarter of 2023.

  • In July 2021, Imago closed its initial public offering with $134.4 million in gross proceeds and $20.0 million from its concurrent private placement.

  • Earlier this year, Merck said it was in advanced talks to acquire Seagen Inc (NASDAQ: SGEN), and an agreement on a purchase was expected in the next few weeks.

  • However, there is no update on the Merck/Seagen deal.

  • Price Action: IMGO shares are up 104.90% at $35.65 during the premarket session on the last check Monday.

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