Merck to Buy Imago for $36 A Share, More Than Double Friday's Close

By Colin Kellaher

Merck & Co. on Monday said it agreed to buy clinical-stage biopharmaceutical company Imago BioSciences Inc. in a $1.35 billion cash deal that bolsters Merck's hematology portfolio.

Kenilworth, N.J., drugmaker Merck said it would pay $36 a share for Imago, more than double Friday's closing price of $17.40 for the South San Francisco, Calif., company.

Imago is a developing new medicines for the treatment of myeloproliferative neoplasms and other bone-marrow diseases. The company's lead product candidate, bomedemstat, is in multiple Phase 2 studies for the treatment of essential thrombocythemia, myelofibrosis and polycythemia vera.

Merck said it expects to complete the acquisition of Imago in the first quarter of 2023.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

11-21-22 0714ET