Why Imago BioSciences (IMGO) Shares Are Soaring Today

Merck & Co Inc MRK has agreed to acquire Imago BioSciences Inc IMGO for $36.00 per share in cash for an approximate total equity value of $1.35 billion.
"This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology," commented Merck's President & CEO, Robert Davis.
Imago is a clinical-stage biopharmaceutical company developing new medicines for myeloproliferative neoplasms (MPNs) and other bone marrow diseases.
Related: Centre Piece Of Merck's $11.5B Acceleron Buyout Aces Late-Stage Cardiovascular Trial.
Imago's lead candidate, bomedemstat (IMG-7289), is currently being evaluated in multiple Phase 2 clinical trials for essential thrombocythemia, myelofibrosis, and polycythemia vera, in addition to other indications.
The transaction is expected to close in the first quarter of 2023.
In July 2021, Imago closed its initial public offering with $134.4 million in gross proceeds and $20.0 million from its concurrent private placement.
Earlier this year, Merck said it was in advanced talks to acquire Seagen Inc SGEN, and an agreement on a purchase was expected in the next few weeks.
However, there is no update on the Merck/Seagen deal.
Price Action: IMGO shares are up 104.90% at $35.65 during the premarket session on the last check Monday.

Cancer-Focused Imago BioSciences Shares Soar After Merck Deal