Imago BioSciences Inc (IMGO)

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Imago BioSciences Stock Surges. It's Being Bought by Merck. -- Barrons.com
7:29 am ET November 21, 2022 (Dow Jones) Print
By Angela Palumbo
Merck announced Monday it would buy biopharmaceutical company Imago BioSciences in a deal valued at $1.35 billion.

Pharmaceuticals giant Merck (ticker: MRK) will pay $36 in cash per share for Imago (IMG), which is roughly double Imago's closing price of $17.40 a share on Friday.

"This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology," said Merck Chief Executive Robert Davis in a news release.

Hematology is the branch of medicine that focuses on the study of blood diseases. Imago is a clinical stage biopharmaceutical company developing new medicines for the treatment of several bone marrow diseases.

Merck's acquisition of Imago is expected to close in the first quarter of 2023.

Imago stock soared 105% to $35.65 in premarket trading on Monday. Merck stock was flat in the premarket session at $104.21 a share.

Write to Angela Palumbo at [e-mail]


(END) Dow Jones Newswires

November 21, 2022 07:29 ET (12:29 GMT)