By Connor Hart
Shares of Ikena Oncology jumped after the company said it would merge with Inmagene Biopharmaceuticals.
The stock rose 15%, to $1.79, in midday trading Monday. Shares are down 9% since the beginning of the year.
The Boston biotech company said the merger is expected to result in $175 million to support further development of IMG-007, Inmagene's potential treatment for atopic dermatitis, also known as eczema. This figure includes proceeds from a $75 million private placement the companies will launch.
Upon closing, which is expected in mid-2025, Ikena stockholders will own about 34.8% of the combined company. Inmagene equity holders will have a roughly 43.5% stake, while financing investors will own about 21.7%.
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, the companies said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 23, 2024 11:35 ET (16:35 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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