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  • Merck commences tender...

Merck commences tender offer to purchase Imago BioSciences

Ruchika SharmaWritten by Ruchika Sharma Published On 2022-12-13T11:15:05+05:30  |  Updated On 13 Dec 2022 11:32 AM IST
Merck gets USFDA Priority Review for application for Keytruda plus standard of care as Perioperative treatment for Resectable Locally Advanced Head, Neck Squamous Cell Carcinoma
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Rahway: Merck, known as MSD outside of the United States and Canada, has announced that it has commenced through a subsidiary, a cash tender offer to purchase all outstanding shares of common stock of Imago BioSciences, Inc..

On Nov. 21, 2022, Merck announced that it had entered into a definitive agreement to acquire Imago.

Upon the successful closing of the tender offer, stockholders of Imago will receive $36 in cash for each share of Imago common stock validly tendered and not validly withdrawn in the offer, without interest and subject to deduction for any required tax withholding. Following the purchase of shares in the tender offer, Imago will merge with and into a subsidiary of Merck, with Imago surviving the merger. As a result, Imago will become a subsidiary of Merck.

Read also: Merck to purchase Imago BioSciences for USD 1.35 billion to expand blood disorder drugs portfolio

The tender offer will expire on January 10, 2023, unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC. The closing of the tender offer is subject to certain conditions, including the tender of shares representing at least a majority of the total number of Imago's outstanding shares, receipt of applicable regulatory approvals, and other customary conditions. The transaction is expected to close in the first quarter of 2023.

Read also: Merck hopes to patent subcutaneous version of blockbuster cancer drug Keytruda

Based in South San Francisco, California, Imago BioSciences is a clinical-stage biopharmaceutical company focused on discovering and developing novel therapeutics for the treatment of blood cancers. Imago has developed a series of compounds that inhibit LSD1, an epigenetic enzyme critical for cancer stem cell function and blood cell differentiation. . The company is advancing the clinical development of its first internally discovered LSD1 inhibitor, bomedemstat, for the treatment of myeloproliferative neoplasms (MPNs), a family of related, chronic cancers of the bone marrow. Imago is evaluating bomedemstat in three Phase 2 clinical studies for essential thrombocythemia (ET), myelofibrosis (MF) and polycythemia vera (PV).

merckmerck newsImago BioSciencesacquisition
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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