Ikena Oncology and Inmagene Biopharmaceuticals Announce Merger to Advance Development of Atopic Dermatitis Treatment
Merger Agreement:
Ikena Oncology and Inmagene Biopharmaceuticals have entered into a definitive merger agreement to form a new company, ImageneBio, Inc., which will focus on developing IMG-007, a monoclonal antibody targeting OX40 for the treatment of atopic dermatitis12.
Financing:
The merger includes a $75 million private placement with new and existing investors, including Deep Track Capital, Foresite Capital, RTW Investments, BVF Partners L.P., Blue Owl Healthcare Opportunities, Omega Funds, and OrbiMed14.
Ownership Structure:
Following the merger, Ikena stockholders will own approximately 34.8% of the combined company, Inmagene equity holders will own approximately 43.5%, and the financing investors will own approximately 21.7%14.
Leadership and Governance:
The board of directors of the combined company will include three directors from Inmagene, two from Ikena, a representative from the financing investors, and a new independent board member. A formal search for the CEO of the combined company has been initiated14.
Contingent Value Rights (CVRs):
Shareholders of both companies will receive CVRs for non-IMG-007 assets and Ikena’s legacy pipeline assets, respectively14.
Closing Date:
The transaction is expected to close in mid-2025, subject to customary closing conditions and shareholder approvals14.
Clinical Focus:
The combined company will focus on advancing IMG-007, a non-depleting anti-OX40 monoclonal antibody with an extended half-life and silenced ADCC function, for the treatment of atopic dermatitis12.
Sources:
1. https://ir.ikenaoncology.com/news-releases/news-release-details/ikena-oncology-and-inmagene-biopharmaceuticals-announce
2. https://www.nasdaq.com/articles/ikena-oncology-and-inmagene-biopharmaceuticals-announce-definitive-merger-agreement
4. https://pipelinereview.com/ikena-oncology-and-inmagene-biopharmaceuticals-announce-agreement-for-merger-and-private-placement/