Merck to buy Imago BioSciences for more than double Friday’s price

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Shares of Imago BioSciences Inc. IMGO, +104.54% soared 104.9% into record territory in premarket trading Monday, after the biopharmaceutical company developing treatments for myeloproliferative neoplasms (MPNs) and other bone marrow diseases announced an agreement to be acquired by Merck & Co. Inc. MRK, +1.32% in a cash deal with a equity value of $1.35 billion. Under terms of the deal, Merck will pay $36.00 for each Imago share, which represents a 106.9% premium to Friday’s closing price of $17.40. The buyout price implies a market capitalization of $1.22 billion. The record close for Imago’s stock, which went public in July 2021, was $29.69 on Oct. 26, 2021. “We continue to invest in our pipeline with a focus on applying our unique capabilities to unlock the value of breakthrough science for the patients we serve,” said Merck Chief Executive Robert Davis. “This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology.” Imago shares have lost 26.6% year to date through Friday, while Merck’s stock has run up 36.0% and the Dow Jones Industrial Average DJIA, -0.13% has lost 16.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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