Imago BioSciences Shares Take Flight on Takeover by Merck
November 21 2022 - 10:32AM
Dow Jones News
By Colin Kellaher
Shares of Imago BioSciences Inc. more than doubled in early
trading Monday after the clinical-stage biopharmaceutical company
agreed to be acquired by drugmaker Merck & Co. at a rich
premium.
Merck said it would pay $36 a share in cash for Imago, more than
double Friday's closing price of $17.40 for the South San
Francisco, Calif., company, in a deal valued at about $1.35
billion.
The purchase price also is more than 19% above Imago's previous
all-time high of $30.21 reached in October 2021, roughly four
months after the company's initial public offering.
Merck, based in Kenilworth, N.J., said it plans to launch a
tender offer for Imago and expects to complete the acquisition in
the first quarter of 2023.
Imago shares were recently changing hands at $35.55, up about
104%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 21, 2022 10:17 ET (15:17 GMT)
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