Imara Agrees To Merge With Precision Oncology Player, Shares Surge

  • Enliven Therapeutics Inc and Imara Inc IMRA agreed to merge in an all-stock transaction
  • The combined company will focus on advancing Enliven's pipeline of precision oncology product candidates. 
  • Enliven is advancing two parallel lead product candidates:
    • ELVN-001 for chronic myeloid leukemia.
    • ELVN-002 for HER2 mutant lung cancer and other HER2-driven tumor types. 
  • In September, Imara divested tovinontrine (IMR-687) and all other assets related to its PDE9 program to Cardurion Pharmaceuticals Inc.
  • The combined company is expected to operate under Enliven Therapeutics Inc and trade on the NASDAQ under the ticker symbol ELVN.
  • Enliven also intends to raise approximately $165 million in concurrent private financing.
  • With the cash expected from both companies at closing and the proceeds of the planned concurrent financing, the combined company is currently expected to have approximately $300 million of cash and cash equivalents.
  • The cash resources will provide a runway into early 2026. The merger and financing are expected to close in Q1 of 2023.
  • Price Action: IMRA shares are up 42.3% at $3.67 during the premarket session on the last check Friday.
Market News and Data brought to you by Benzinga APIs
Posted In: BiotechM&ANewsPenny StocksHealth CareMoversTrading IdeasGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!