Ikena Oncology and Inmagene Biopharmaceuticals Announce Agreement for Merger and Private Placement

Core Viewpoint - The merger between Ikena Oncology and Inmagene Biopharmaceuticals aims to advance the development of IMG-007, a monoclonal antibody targeting OX40 for treating atopic dermatitis and other inflammatory diseases, with an expected closing in mid-2025 [1][3][9]. Company Overview - Inmagene Biopharmaceuticals is a clinical-stage company focused on developing IMG-007, a non-depleting anti-OX40 monoclonal antibody with an extended half-life and silenced ADCC function [9][14]. - Ikena Oncology develops differentiated therapies targeting cancer growth and therapeutic resistance [15]. Financial Aspects - The transaction is expected to generate approximately $175 million, including $75 million from an oversubscribed private placement [1][9]. - The combined company will operate under the name "ImageneBio, Inc." and trade on NASDAQ under the ticker "IMA" [9]. Management Structure - The board of directors for the combined company will consist of three directors from Inmagene, two from Ikena, one representing the financing investors, and one independent board member [2][11]. Clinical Development - IMG-007 has shown potential in a Phase 2a clinical trial for atopic dermatitis, demonstrating marked clinical activity and a well-tolerated safety profile [10][16]. - The Phase 2b clinical trial for IMG-007 in atopic dermatitis is expected to begin in early 2025 [10]. Ownership Structure - Post-merger, Ikena stockholders are expected to own approximately 34.8% of the combined company, Inmagene equity holders approximately 43.5%, and financing investors about 21.7% [11]. Contingent Value Rights - Shareholders of both companies will receive contingent value rights (CVRs), with Inmagene shareholders receiving CVRs for non-IMG-007 assets and Ikena shareholders for legacy pipeline assets [12].