Merck has agreed to acquire Imago BioSciences, a California-based biotechnology company focused on bone marrow disorders, for more than $1 billion in cash.
The deal announced Monday values Imago at $1.35 billion, or $36 a share, more than double the stock’s $17.40 closing price on Friday. In July 2021, the biotech company priced shares in an initial public offering at $16 apiece.
Imago’s lead drug, called bomedemstat, is in Phase 2 testing for the treatment of myeloproliferative neoplasms and other bone marrow diseases.
Related: Spain’s Competition Regulator Fines Merck
The deal, which Merck expects to close in the first quarter of 2023, “augments our pipeline and strengthens our presence in the growing field of hematology,” Merck CEO Robert Davis said in a statement.
The deal follows a strategy Davis has pursued since he took over as CEO in 2021. He has been an aggressive dealmaker to prepare for the loss of revenue after patents on the company’s blockbuster cancer drug Keytruda expire in 2028. Merck bought Acceleron for $11.5 billion last year for a cancer drug called sotatercept. The company has recently inked licensing and partnership deals with Moderna, Orion and Orna Therapeutics.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI