Merck to close $1.35B Imago acquisition

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In November, Merck announced its intent to acquire California-based biopharmaceutical company Imago BioSciences Inc. for approximately $1.35 billion. On Jan. 11, it expects to close the deal. 

In a Jan. 11 statement, the Rahway-headquartered pharmaceutical giant said it completed its cash tender offer, through a subsidiary, for all of the outstanding shares of common stock of Imago, at a purchase price of $36 per share in cash. 

Merck said about 31.3 million shares of common stock of Imago were validly tendered and not withdrawn from the tender offer, representing approximately 89.2% of the total number of Imago’s outstanding shares on a fully diluted basis. 

As previously announced, following the closing of the deal, Imago will merge with M-Inspire Merger Sub Inc., a subsidiary of Merck, with Imago surviving the merger. Imago will then become a subsidiary of Merck. 

Imago focuses on developing treatments for myeloproliferative neoplasms (MPNs) and other bone marrow diseases. 

“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,” Merck President and CEO Robert Davis said in November. “This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology.”