Why Are Immunome Shares Trading Higher Today

Immunome Inc IMNM and Morphimmune have announced a merger agreement in an all-stock transaction.

Combined company to operate as Immunome and retain the same ticker symbol, headquartered in Seattle, WA

Clay B. Siegall was appointed CEO, President, and Chairman of Immunome's Board.

The companies also announced a private placement investment of $125 million with participation from Enavate Sciences, EcoR1 Capital, Redmile Group, Janus Henderson Investors, Avidity Partners, Woodline Partners LP, and other leading institutional investors. 

Merger and private placement are expected to close by the end of Q4 2023.

The investment will be used to develop lead assets in the combined pipeline and general working capital.

The combined pipeline includes novel anti-IL-38 mAb, folate receptor-targeted TLR7 agonist, and FAP-targeted radioligand.

The company expects to submit three INDs within 18 months following the closing, including the anti-IL-38 program, now slated for submission in Q1 2024.

Additionally, the company will be well-positioned to explore opportunities for strategic in-licensing and further acquisitions.

Securityholders of Immunome and Morphimmune to own approximately 55% and 45% of the combined company, respectively.

In January, AbbVie Inc ABBV and Immunome announced a worldwide collaboration and option agreement to discover up to 10 novel antibody-target pairs arising from three specified tumor types using Immunome's Discovery Engine.

Price Action: IMNM shares are up 36.90% at $8.08 on the last check Thursday.