Merck & Co., Inc. has entered into a definitive agreement under which Merck, through a subsidiary, will acquire Imago BioSciences, Inc. for $36.00 per share in cash for an approximate total equity value of $1.35 billion. The transaction is expected to close in the first quarter of 2023.
Morgan Stanley & Co. LLC is acting as financial advisor to Merck in this transaction and Gibson, Dunn & Crutcher LLP as its legal advisors. Centerview Partners is acting as financial advisor to Imago and Latham & Watkins LLP as its legal advisors.
Imago BioSciences is a clinical stage biopharmaceutical company developing medicines for the treatment of myeloproliferative neoplasms and other bone marrow diseases. Imago’s lead candidate bomedemstat (IMG-7289) is being evaluated in multiple Phase 2 clinical trials for the treatment of essential thrombocythemia, myelofibrosis and polycythemia vera, in addition to other indications.
Merck is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. Merck is focused on the discovery, development, manufacturing and marketing of prescription medicines, biologic therapies, vaccines and animal health products. Outside of the United States and Canada, Merck is known as MSD.
According to the LevinPro HC database, this marks the 127th Biotechnology acquisition of 2022 and the 25th announced during the fourth quarter. The Imago acquisition is the 11th largest Biotechnology deal by disclosed price of 2022. The largest Biotechnology transaction of the year has been Pfizer’s acquisition of Biohaven Pharmaceuticals for approximately $11.6 billion.
