Ikena Oncology, Inc. and Inmagene Biopharmaceuticals announced a definitive merger agreement, which will result in a combined company focused on immunological and inflammatory (I&I) diseases. The new entity, to be named ImageneBio, Inc., will trade on NASDAQ under the ticker 'IMA'. This strategic pivot shifts Ikena's focus from its historical oncology pipeline to Inmagene's lead product candidate, IMG-007.
Concurrent with the merger, Ikena entered into subscription agreements for a $75 million private placement, bringing the total expected funding to approximately $175 million to support the development of IMG-007. This financing round includes new investors such as Deep Track Capital, Foresite Capital, and RTW Investments, alongside existing Ikena investors like BVF Partners L.P., Blue Owl Healthcare Opportunities, Omega Funds, and OrbiMed.
IMG-007 is an investigational, non-depleting anti-OX40 monoclonal antibody engineered for an extended half-life and silenced ADCC function, aiming for an improved tolerability profile and less frequent dosing. The combined company plans to initiate a Phase 2b clinical trial for IMG-007 in atopic dermatitis in early 2025. The transaction is expected to close in mid-2025, subject to customary closing conditions and shareholder approval.
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