Imago BioSciences investors cheered the news.
."This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology."
Imago's shares jumped Monday on the news. In recent trading, they were up $18.23 a piece, or about 105%, to $35.63 each. Merck shares were up $1.20 each, or about 1% to, $105.43 a piece. Founded in 2012 and based in Redwood City, Imago is a clinical-stage biopharmaceutical company developing new medicines for the treatment of essential thrombocythemia, a rare blood disease in which the body produces more platelets than it needs; and myelofibrosis, another uncommon ailment that's marked by extensive bone marrow scarring.
Imago’s lead drug candidate, bomedemstat, is being evaluated in mid-stage clinical trials for the treatment of both essential thrombocythemia and myelofibrosis as well as for polycythemia vera, a type of blood cancer that causes bone marrow to make too many red blood cells, and other disease.. As part of its IPO, it also sold shares to Merck rival Pfizer Inc.
Being acquired by by Merck"leverages Merck’s industry-leading clinical development expertise to maximize the therapeutic potential of bomedemstat," Dr.The next step in the transaction will be for a subsidiary of Merck to initiate a tender offer to acquire all of Imago's outstanding shares. The companies expect the deal to close in the first quarter of 2023. Friday, November 10, 2023Join us at our virtual event, as we talk about all the changes happening in Santa Clara.
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