Imara Agrees To Merge With Precision Oncology Player, Shares Surge

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.

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