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Merck & Co Inc. revealed on Monday, Nov. 21, that it has acquired Imago BioSciences for $1.35 billion. The New Jersey-based pharmaceutical company is offering $36 per share in cash for the acquisition of the biotech firm, and this amount is said to be equivalent to almost 107% premium to its last closing price.
According to Reuters, this deal between Merck & Co. and Imago BioSciences drug developer is expected to close within the first quarter of 2023. This agreement is said to have opened several markets for the company.
Amid the buyout, Imago BioSciences is currently developing drugs for the treatment of diseases related to born marrow. The company uncovered a small molecule and brought it to phase 2 stage to find stronger evidence that suppressing lysine-specific demethylase 1 (LSD1) lowers the symptoms of myeloproliferative neoplasms or MPNs, which is a group of bone marrow cancers that can potentially develop into acute myeloid leukemia.
If the biotech firm is correct with its findings, bomedemstat will improve the results in the MPNs essential thrombocythemia, myelofibrosis, and polycythemia vera. Merck is interested in this discovery and bought into the idea; thus, it needs to buy Imago BioSciences.
Under the terms of the deal, through a subsidiary, Merck & Co. will set in motion a tender offer to buy all the remaining shares of Imago. Then again, it was noted that the closing of the offer will still be subject to some conditions, such as the expiration of the waiting period. According to the Hart-Scott-Rodino Antitrust Improvements Act, the tender of shares must represent a majority of Imago’s total number of available shares and other standard conditions.
“We continue to invest in our pipeline with a focus on applying our unique capabilities to unlock the value of breakthrough science for the patients we serve,” Merck’s president and chief executive officer, Robert M. Davis, said in a press release. “This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology.”
Dr. Hugh Y. Rienhoff, Jr., Imago BioSciences’ founder and CEO, also commented, “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. this agreement leverages Merck’s industry-leading clinical development expertise to maximize the therapeutic potential of bomedemstat while providing important value for shareholders.”
