By Adriano Marchese
Ikena Oncology and Inmagene Biopharmaceuticals have agreed to merge their businesses and launch a private placement worth $75 million to support the development of a potential dermatitis treatment.
The two companies said Monday that the transaction is expected to result in $175 million to support further development of IMG-007, Inmagene's potential treatment for atopic dermatitis. The figure also includes the proceeds from the private placement.
After the merger closes, Ikena stockholders are expected to own 34.8% of the combined company while Inmagene equity holders will have a 43.5% stake. The financing investors are expected to own about 21.7%.
The transaction is expected to close in mid-2025.
The combined company plans to operate under the name ImageneBio and trade on NASDAQ under the ticker "IMA". A formal search for the chief executive officer of the combined company has been initiated.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 23, 2024 09:11 ET (14:11 GMT)
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