Imago BioSciences Inc (IMGO) News

NO, I created the board this morning. The institutions doubled their holdings. The tutes did well!

IMGO: But, tough luck for anybody who DIDN'T own this YESTERDAY, right???? (I.e., just another big morning GAPPER --- then sliding SIDEWAYS in price all day long. Did ya have this YESTERDAY, Capt. C-O-24???)

IMGO: But, tough luck for anybody who DIDN'T own this YESTERDAY, right???? (I.e., just another big morning GAPPER --- then sliding SIDEWAYS in price all day long. Did ya have this YESTERDAY, Capt. C-O-24???)

Imago BioSciences Stock Surges. It's Being Bought by Merck. -- Barrons.com
7:29 am ET November 21, 2022 (Dow Jones) Print
By Angela Palumbo
Merck announced Monday it would buy biopharmaceutical company Imago BioSciences in a deal valued at $1.35 billion.

Pharmaceuticals giant Merck (ticker: MRK) will pay $36 in cash per share for Imago (IMG), which is roughly double Imago's closing price of $17.40 a share on Friday.

"This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology," said Merck Chief Executive Robert Davis in a news release.

Hematology is the branch of medicine that focuses on the study of blood diseases. Imago is a clinical stage biopharmaceutical company developing new medicines for the treatment of several bone marrow diseases.

Merck's acquisition of Imago is expected to close in the first quarter of 2023.

Imago stock soared 105% to $35.65 in premarket trading on Monday. Merck stock was flat in the premarket session at $104.21 a share.

Write to Angela Palumbo at angela.palumbo@dowjones.com


(END) Dow Jones Newswires

November 21, 2022 07:29 ET (12:29 GMT)

Imago BioSciences, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in discovering and developing small molecule product candidates that target lysine-specific demethylase 1 (LSD1), an enzyme that plays a central role in the production of blood cells in the bone marrow. It focuses on providing treatment for patients with cancer and bone marrow diseases. The Company’s lead product candidate is bomedemstat, which is developed for the treatment of myeloproliferative neoplasms (MPNs), a chronic cancer of the bone marrow. The Company’s product candidate, bomedemstat, is in Phase II clinical trial for the treatment of essential thrombocythemia (ET). The Company also develops bomedemstat and other LSD1-targeting product candidates for additional indications in areas of unmet medical need. It tests bomedemstat in mouse models of MPNs as a single agent.