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Ikena Oncology and Inmagene Biopharmaceuticals Announce Merger to Form ImageneBio

NextEdge Admin

25 Dec 2024

1 min 22 sec

Inmagene Biopharmaceuticals,ImageneBio,monoclonal antibody,atopic dermatitis

Ikena Oncology and Inmagene Biopharmaceuticals have announced a merger agreement to form ImageneBio, focusing on developing IMG-007, a monoclonal antibody for atopic dermatitis and other inflammatory conditions. The deal includes a private placement of approximately $175 million, with $75 million from new and existing investors, and is expected to close by mid-2025. Post-merger, Ikena stockholders will hold 34.8% of the combined company, Inmagene equity holders 43.5%, and private placement investors 21.7%. The merger strengthens the combined company’s capacity to advance IMG-007 development and explore broader applications.

Ikena Oncology specializes in cancer therapies targeting growth, spread, and resistance, aiming for precision medicine solutions. Inmagene Biopharmaceuticals, a clinical-stage biotech firm, focuses on immunological and inflammatory diseases, with IMG-007 as its lead asset—a non-depleting anti-OX40 monoclonal antibody. Together, ImageneBio seeks to drive innovation in immunology and inflammatory disease treatment.