Merck to Buy Imago for $36 A Share, More Than Double Friday's Close
November 21 2022 - 7:29AM
Dow Jones News
By Colin Kellaher
Merck & Co. on Monday said it agreed to buy clinical-stage
biopharmaceutical company Imago BioSciences Inc. in a $1.35 billion
cash deal that bolsters Merck's hematology portfolio.
Kenilworth, N.J., drugmaker Merck said it would pay $36 a share
for Imago, more than double Friday's closing price of $17.40 for
the South San Francisco, Calif., company.
Imago is a developing new medicines for the treatment of
myeloproliferative neoplasms and other bone-marrow diseases. The
company's lead product candidate, bomedemstat, is in multiple Phase
2 studies for the treatment of essential thrombocythemia,
myelofibrosis and polycythemia vera.
Merck said it expects to complete the acquisition of Imago in
the first quarter of 2023.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 21, 2022 07:14 ET (12:14 GMT)
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