Merck has initiated a cash tender offer, through a subsidiary, to acquire all outstanding shares of common stock of Imago BioSciences.
The latest move follows a definitive agreement signed by the companies on 21 November this year.
Merck stated that the tender offer will expire on 10 January next year.
The closing of the tender offer is subject to certain customary conditions, including the tender of the majority of Imago’s outstanding shares, along with the receipt of applicable regulatory approvals, as well as other customary conditions.
Upon completion of the tender offer, Imago’s stockholders will receive $36 per share in cash.
Imago will merge into Merck’s subsidiary after completion of the purchase of shares in the tender offer and will become a subsidiary of Merck.
Merck intends to file a tender offer statement on Schedule TO with the US Securities and Exchange Commission (SEC).
Imago will also file a solicitation/recommendation statement on Schedule 14D-9 with the SEC.
The transaction is anticipated to be completed in the first quarter of next year.
Clinical stage biopharmaceutical company Imago BioSciences is engaged in developing new medicines to treat myeloproliferative neoplasms (MPNs) and other bone marrow diseases.
Bomedemstat (IMG-7289), the company’s lead candidate, is an investigational orally available lysine-specific demethylase 1 (LSD1) inhibitor.
It is now being assessed in multiple Phase II clinical trials to treat essential thrombocythemia (ET), myelofibrosis (MF), and polycythemia vera (PV), as well as other indications.
The LSD1 inhibitor has also been evaluated in acute myeloid leukemia (AML) patients and preclinically in many solid tumour models.